The Irish hotel group behind the Clayton and Maldron hotels in Northern Ireland is set to be acquired in a €1.4 billion (£1.22bn) deal with Scandinavian property companies Pandox and Eiendomsspar.
The Dalata Hotel Group, which has two hotels in Belfast, one in Derry and another at Belfast International Airport, originally rejected a €1.3bn bid from the same two companies last month, saying it undervalued the group.
On Tuesday, Dalata said a deal had been reached with the companies, which will provide shareholders with €6.45 (£5.61) in cash per share.
It represents a premium of around 12% on the June 2 closing price for the Euronext and London Stock Exchange listed company.
Sweden’s Pandox and Norway’s Eiendomsspar’s first disclosed their interest in acquiring Dalata on June 3.
The latest offer has been backed unanimously by the board of Dublin-based hotel group.
Dalata’s portfolio includes 56 hotels under the Maldron and Clayton hotel brands in Ireland, Britain, Germany and the Netherlands.
The group is currently developing a new Maldron Hotel at Croke Park in partnership with the GAA and McAleer & Rushe.
The Co Tyrone construction group has a long-standing relationship with Dalata, delivering more than 3,000 bedrooms for the Dublin-based company, including Maldron hotels in Birmingham, Liverpool, Glasgow and Newcastle.
Dalata’s chief executive, Dermot Crowley, said the Scandinavian deal will accelerate its growth.
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“Our focus remains firmly on our people and our customers. I’m proud to continue to lead our team in close partnership with our new owners,” he said.
“Together, we will unlock new opportunities for the Clayton and Maldron brands as we continue to expand as a leading international hotel company.”
Dalata chair John Hennessy, added: “We believe that it is the right path forward for all stakeholders, and that it positions the business strongly for its next phase of growth under new ownership.
“The value achieved reflects the hard work and professionalism of the exceptional people working in Dalata now and in the past, and we extend our sincere gratitude to everyone in the Dalata Group and to all who have contributed to the journey so far. We look forward to the company’s continued success into the future.”
