Tag Archives: Minor International

Minor International (MINT)  has announced that it has reached an agreement with HNA Group to purchase an equity stake of 25.2 per cent (on a fully-diluted basis) in NH Hotel Group in a two-tranche transaction valued at EUR 619 million. The purchase follows MINT’s earlier purchase of a 9.5 per cent shareholding (on a fully-diluted basis) in NH Hotel Group. MINT also confirms that it will follow Spanish regulations as applicable to launch an all-cash public tender offer to acquire NH Hotel Group’s remaining shares. Such offer would be at a price not lower than MINT’s highest acquisition price in the last 12 month-period, currently EUR 6.40 per share (subject to fair price adjustments). MINT targets its shareholding in NH Hotel Group at around 51%-55% and intends to keep NH Hotel Group as a publicly-listed company on the Madrid Stock Exchange with strong corporate governance. Based on the target ownership level, the acquisition will be funded through debt instruments, while 2019E interest-bearing-debt to equity ratio is expected to be maintained at a comfortable level of 1.3x. “Today we are embarking on a new era, driving investment strategy to further cement our footprint in the European hospitality industry”, said Dillip Rajakarier, CEO Minor Hotels. “We will be able to create a network of over 540 hotels with a reach across Asia, Oceania, the Middle East, Africa and Europe, all of which are important hospitality regions around the world. The business network will allow the two companies to capitalize on our leadership positions in key growth areas, highly complementary asset and brand portfolio, technology platform and talented employees.”

Minor International (MINT) announced that it has acquired 30,000,000 shares in NH Hotel Group in a transaction valued at EUR 192 million, which together with its existing shareholding will increase MINT’s stake in NH Hotel Group to 8.6% on a fully diluted basis. NH Hotel Group is on a strong growth trajectory as it has successfully enhanced operational efficiencies across its group in recent years and is also now benefitting from the improving European macroeconomic outlook, both of which have been reflected in its strengthening financial results and rising ADRs. In particular, its four main clusters, Spain, Benelux, Central Europe and Italy, have been, and will continue to be, the drivers for solid growth going forward. The investment in NH Hotel Group also marks a strategic progression given MINT’s current presence in Asia, Australia, the Middle East and Europe. The investment in NH Hotel Group is a further move into Europe by MINT following its earlier expansion into Portugal and Brazil through the acquisition of Tivoli Hotels & Resorts in 2016, and one that is complementary to the geographical footprint of MINT’s pre-investment portfolio. NH Hotel Group has a portfolio of 382 hotels and resorts with 59,350 keys spanning across 30 countries in Europe, the Americas and Africa. The NH and NH Collection brands have gained fast-growing recognition, particularly in Europe, with the strong potential to expand its footprint and enhance its reputation even further globally.