Marriott to buy Starwood Hotels in $12.2 billion deal

November 16, 2015 11:41 AM

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Marriott to buy Starwood Hotels in $12.2 billion deal

(Reuters) – Marriott International Inc will buy Starwood Hotels & Resorts Worldwide Inc in a cash and stock deal valued at $12.2 billion (8.02 billio pounds) to create the world’s largest hotel chain.

Starwood shareholders will receive 0.92 shares of Marriott Class A common stock and $2 in cash for each Starwood share held, the companies said on Monday.

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