MAR Marriott International Inc

By Anthony O. Goriainoff

Marriott International Inc. (MAR) said Friday that it has agreed to buy Barbados-based Elegant Hotels Group PLC (EHG.LN) for about 100.8 million pounds ($129.4 million).

The U.S. hospitality company, which owns the Sheraton Hotels brand, said that under the offer Elegant shareholders will receive 110 pence in cash per share--a 56% premium to Thursday's closing price of 70.5 pence a share. Marriott said the offer implies an enterprise value of about $199.0 million for London-listed Elegant, and that this was based on Elegant's total net debt at March 31 of $68.9 million.

The company said the acquisition will enable it to expand its all-inclusive platform and offer additional leisure destinations.

Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com

(END) Dow Jones Newswires

October 18, 2019 03:01 ET (07:01 GMT)

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