Thailand’s Minor International has purchased another 135,852 shares of NH hoteles and reached a 45.46% ownership stake of the Spanish company. Their latest acquisition represents 0.0346% of NH’s share capital and the shares traded at a price of €6.295 per share, as reported by Spain’s National Securities Market Commission (CNMV). So far, Minor has deployed over €1.1 billion in Spain.
Following this investment, Minor holds over 178 million shares of NH, through its subsidiary MHG Continental Holding, a vehicle which launched an offer to buy 100% of the company’s shares at €6.3. The Hesperia Investor Group (Gihsa), who own 8% of NH, has announced that they will terminate the contract they have in place for the management of a portfolio of 28 of NH’s hotels.
The Thai group’s takeover is still pending approval by the stock exchange supervisor although the market expects it to be completed during October. If successful, the resulting combined entity would have a portfolio of 540 hotels with 80,000 rooms, becoming the nineteenth hotel group in the world. Minor’s board aims to control between 51% and 55% of the NH and is committed to maintain NH as a listed company in the Madrid Stock Exchange.