InterContinental Hotels poised to clinch acquisition of Fairmont for GBP 1.9bn; eyes Moevenpick
InterContinental Hotels Group (IHG) has beaten competing bidders for the Canada-based hotel operator Fairmont, The Sunday Times reported.
The report cited City sources who said the GBP 1.9bn (USD 3bn) deal is expected to be tied up in the next few weeks.
The underbidders are believed to include trade groups Accor of France and New Jersey-based Wyndham, the report said. Toronto-headquartered FRHI put Fairmont on the market several months ago, the item noted.
Banking sources cited in the piece said IHG is also in pursuit of the Switzerland-based hotel operator Moevenpick.
Sunday Times