Huazhu Group announces acquisition of Deutsche Hospitality for EUR 700MHuazhu Group announced that the company, through its wholly owned subsidiary China Lodging Holding Singapore, entered into a share purchase agreement to acquire all shares in Steigenberger Hotels Aktiengesellschaft, Germany, or "Deutsche Hospitality," for a base cash consideration of about EUR 700M, which is subject to net working capital and other post-closing adjustments as provided in the Agreement. The acquisition is subject to regulatory approvals and certain other closing conditions, and is expected to close on or around early next year. |