Marriott International and Starwood Hotels and Resorts Worldwide overcame the last of the obstacles to their merger after China’s antitrust authority approved the deal that will create one of the world’s largest hotel companies.
According to reports, the deal has already secured clearance from regulators representing more than 40 countries world-wide, including the US and the European Union.
Marriott and Starwood will conclude the deal before the market opens Friday. The two hotel chains extended the review period for the tie-up to concede to a request made by the Chinese Ministry of Commerce last month.
The deal commenced last March when Starwood accepted an initial cash and stock deal from Marriott, worth $13.6 billion. An unsolicited all cash $ 14 billion offer from China’s Anbang Insurance Group forced Marriott to raise its offer by another $ 1 billion.
