Marriott International, Inc. and Starwood Hotels & Resorts Worldwide, Inc. announced today that yesterday the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), expired in connection with Marriott’s proposed acquisition of Starwood through a business combination. The expiration of the waiting period means the parties have cleared the premerger antitrust review in the United States, satisfying one of the closing conditions of the pending combination transactions. In addition, the companies announced that the premerger waiting period under Canadian law has expired and that the Competition Bureau of Canada has issued a “no-action letter” in respect of the proposed transaction. The companies are continuing to cooperate with competition authorities in other jurisdictions worldwide to obtain regulatory approvals for the transaction.
As previously announced, both companies set March 28 as the date of their separate special stockholder meetings to approve the combination transactions. The companies expect to close the transaction in mid-2016, subject to stockholder approvals, receipt of additional regulatory approvals, Starwood’s divestiture of its vacation ownership business, and satisfaction of other customary conditions precedent.
Marriott International, Inc. is a global leading lodging company based in Bethesda, Maryland, USA, with more than 4,400 properties in 87 countries and territories. Marriott International reported revenues of more than $14 billion in fiscal year 2015. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and Moxy Hotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together comprise nearly 55 million members.
