Bill Gates’ private equity firm, Cascade Investment, is poised to take majority control of Four Seasons Hotels & Resorts as part of a $2.21bn deal.
Four Seasons said Cascade has agreed to acquire half of a 47.5% percent stake currently owned by an affiliate of Saudi Arabia-based investment group Kingdom Holding Company.
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The transaction, which is expected to close in January, will increase Cascade’s stake in Four Seasons from 47.5% to 71.25%. Kingdom Holding’s affiliate will hold a 23.75% stake.
The remaining 5% stake will continue to be held by Four Seasons founder and chairman Isadore Sharp, under his Triples Holdings Ltd. corporation.
In a statement, Four Seasons said that the deal “marks a pivotal point in the evolution of Four Seasons, strengthening Cascade’s commitment to provide the company with resources to accelerate growth and expand its strategic goals.”
Cascade has been a stakeholder in Four Seasons since 1997.
Four Seasons’ portfolio consists of 121 hotels and resorts and 46 residential properties across 47 countries.
Source: Travel Weekly
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