13 November 2018, Minneapolis (USA) and Singapore – Jin Jiang International Holdings Co., Ltd has announced that it has completed the acquisition of Radisson Hospitality, Inc.
In response to the announcement, John Kidd, CEO and COO for Radisson Hospitality Inc., issued the following statement:
“This marks yet another incredible milestone in our company’s storied history and one that I’m confident will elevate Radisson Hotel Group to a new level of strength as a global leader in the hospitality industry. When we announced our re-branding earlier this year to Radisson Hotel Group, we shared our vision for the company, which was to be the company of choice for guests, owners and talent.
We are now owned by one of the leading travel and hospitality companies — the fifth largest hotel company in the world. Jin Jiang’s loyalty program encompasses more than 100 million members. This type of size, coupled with the record number of Chinese consumers traveling abroad, provides a number of new opportunities for Radisson Hotel Group.”
On 9 August 2018, Jin Jiang led international consortium, including SINO-CEE Fund, announced that the Consortium had entered into agreements with Radisson Hospitality Inc. and HNA Sweden Hospitality Management, an indirectly wholly-owned subsidiary of HNA Tourism Group Co., Ltd., respectively, to acquire shares in Radisson Hospitality. The purchase price under the agreements is Swedish Krona 35.00 per share.
The completion of the acquisition was subject to receipt of regulatory approvals and other customary closing conditions, these conditions have now been fulfilled. Today, it has completed the acquisition of 87,552,187 shares in Radisson corresponding to 50.21 percent of the shares and votes.