The European Union (EU) has granted unconditional antitrust clearance for Marriott International to acquire Starwood Hotels & Resorts, completing one of the most significant stipulations of the multibillion-dollar deal. Marriott was involved in a bidding war for Starwood earlier this year with Beijing-based Anbang Insurance Group. Anbang withdrew its bid of $13.9 billion in April, leading Starwood to accept Marriott’s offer of $13.6 billion, or $79.53 per share.
“This is an important merger for the hotel industry and its customers,” says Margaret Vestager, the EU’s commissioner for competition. “Our investigation confirmed that the hotel sector will remain competitive for customers in Europe following the merger, so I am pleased that the Commission was able to clear the transaction quickly.”
The transaction remains subject to additional antitrust scrutiny and must carry out all further contractual conditions prior to the close of the agreement. The merger is anticipated to close by next month.
