HNA closes on Carlson, buys majority of Rezidor
 
HNA closes on Carlson, buys majority of Rezidor
09 DECEMBER 2016 3:43 PM

HNA Tourism Group officials have announced they have completed their purchase of Carlson Hotels and now own 51.3% of outstanding Rezidor Hotel Group shares.

BEIJING, 7 December 2016 -- On 27 April 2016, HNA Tourism Group Co., Ltd. (“HNA Tourism Group”) announced that HNA Tourism Group had entered into an agreement with Carlson Hospitality Group, Inc. to acquire all shares in Carlson Hotels, Inc. (“Carlson Hotels”) (the “Acquisition”). The completion of the Acquisition was subject to receipt of regulatory approvals and other customary closing conditions. 

The final closing conditions for the Acquisition were met on 2 December 2016, and HNA Tourism Group has today on 7 December 2016 completed the Acquisition. Carlson Hotels owns 51.3 per cent of the outstanding shares and votes (excluding treasury shares) in Rezidor Hotel Group AB (publ) (“Rezidor”). The completion of the Acquisition has resulted in HNA Tourism Group passing the mandatory tender offer threshold of 30 per cent of the votes in Rezidor, which HNA Tourism Group under Chapter 3, Section 1 of the Swedish Public Takeover Act (Sw. lagen (2006:451) om offentligauppköpserbjudanden på aktiemarknaden) must disclose. This press release constitutes such a disclosure. HNA Tourism Group is now under an obligation to either launch a mandatory tender offer for the remaining outstanding shares in Rezidor or sell down its
ownership in Rezidor below 30 per cent within four weeks from the completion of the Acquisition, i.e. no later than 4 January 2017.

In accordance with a ruling received from the Swedish Securities Council (Sw. Aktiemarknadsnämnden) (see ruling AMN 2016:10), the minimum price to be paid in a possible mandatory tender offer shall be the volume-weighted average price (VWAP) paid for the Rezidor share during the 20 trading days immediately preceding the date of announcement of entering into the agreement to acquire Carlson Hotels, announced on 27 April 2016. HNA Tourism Group will give further information about a possible mandatory tender offer in due course.

HNA Tourism Group has retained J.P. Morgan and Benedetto, Gartland & Company as financial advisers and Hogan Lovells and Advokatfirman Lindahl as legal advisers in connection with the Acquisition.

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