Minor Completes Deal for NH Hotels

Date: October 2018

Location: Global

Name: NH Hotels

The NHow Hotel Berlin

Buyer: Minor International Public Company Limited (“MINT”) has successfully completed its tender offer for shares in NH Hotel Group at a price of EUR 6.30 per share.

A total of 187,289,383 shares of NH Hotel Group, representing 47.8% of its outstanding shares, were tendered in the tender offer.

Together with MINT’s pre-offer shareholding, MINT has secured a 94.1% shareholding stake in NH Hotel Group, at a total investment amount of EUR 2,327 million.

The acquisition of NH Hotel Group is transformative for MINT, giving it a platform of 549 hotels across Asia, Australia, the Middle East, Africa, Europe, Latin America and the US.

With the tender offer completed, MINT will immediately turn its focus to working closely with NH Hotel Group to complete integration-related tasks and to unlock value-accretive and mutually complementary benefits across both businesses, with the aim of maximising shareholder value in both companies on a foundation of financial discipline and strong corporate governance.

In addition, over the next few quarters and with the benefit of accounting consolidation of NH Hotel Group’s strong earnings, MINT will actively manage its funding structure, without new issuance of capital.

“We are extremely pleased with the outcome of our tender offer,” commented William E. Heinecke, Founder and Chairman of MINT. “The acquisition of NH Hotel Group has transformed MINT into a truly global hospitality company, with a strong focus on exceeding the expectations of today’s customers.

The combined MINT-NH Hotel Group platform offers an extended product range across our combined brand portfolio with global geographical coverage.

Dillip Rajakarier, CEO of Minor Hotels added, “The acquisition of NH Hotel Group is a true game-changer for both MINT and NH Hotel Group.

We have complete confidence in the NH Hotel Group’s business fundamentals and anticipate strong earnings results in 2018 and beyond, as management announced earlier this year.

NH Hotel Group has a clear, proven track record of delivering strong and consistent EBITDA growth, underpinned by a strategic, high-value hotel real estate portfolio and deep relationships with asset owners and customers throughout Europe and Latin America.

I am personally very excited to welcome the highly talented management team of NH Hotel Group and to work closely with them. Together, I am confident that we will succeed in bringing together our two great companies to create an even more exciting proposition for all stakeholders.”

THPT Comment: Great deal…NH has been consistently a strong management team running some really good hotels. MINT has flourished in recent years. Together – here comes the next major force alongside the likes of Radisson and Hyatt.

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