Marriott and Starwood shareholders on Friday voted to merge their two companies. Once completed they will operate the world’s largest hotel company.
Starwood shareholders will receive 0.8 shares of Marriott plus $21.00 in cash.
Starwood in November agreed to be bought by Marriott, but last month the Chinese insurance giant Anbang made multiple attempts to bust up the deal.
Anbang unexpectedly walked away from the deal last week.
“Holders of over 97 percent of Marriott shares present and voting at the meeting, representing over 79 percent of outstanding shares, voted in favor of a proposal to issue shares of Marriott common stock in connection with the transaction, and holders of over 95 percent of Starwood shares present and voting at the meeting, representing over 63 percent of outstanding shares, voted in favor of a proposal to approve the transaction,” the company’s said in a joint press release.
Arne Sorenson, Marriott’s president and chief executive officer, said, “With today’s successful stockholder approval milestone, we are that much closer to completing our transaction. Our teams continue to plan the integration of our two companies, and we are committed to a timely and smooth transition. We appreciate the stockholders’ vote of confidence in our ability to drive long-term value and opportunity as a combined company.”
The parties have already cleared the pre-merger antitrust review in the United States, Canada, and multiple other jurisdictions.
The transaction remains on track to close mid-2016 pending completion of Starwood’s planned divestiture of its timeshare business expected on or around April 30, 2016, obtaining remaining regulatory approvals, including in the European Union and China.