WASHINGTON — Marriott International Inc. and Starwood Hotels & Resorts Inc. have the blessing of their shareholders for their proposed $12.4 billion merger.
Both companies held special shareholder meetings Friday morning. Investors overwhelmingly voted in favor of Marriott’s acquisition.
Under terms of the deal, Starwood shareholders get 0.8 shares of Marriott stock and $21 in cash for each share of Starwood they hold.
“Our teams continue to plan the integration of our two companies, and we are committed to a timely and smooth transition,” said Marriott CEO Anre Sorenson in a statement.
The deal has already cleared the pre-merger antitrust review in the U.S. and Canada. It still needs regulatory approval in China and Europe.
Marriott expects to close on the deal in mid-2016.
Marriott first announced plans to acquire Starwood in November. Its initial offer was trumped by a group of Chinese investors led by insurance company Anbang Group, forcing Marriott to sweeten its offer twice.
Anbang and its partners abruptly withdrew its last offer less than a week after making it.
Anbang Group paid a record $1.95 billion to Hilton Worldwide for New York’s Waldorf Astoria hotel last year.
