share
by Michael J. Shapiro | June 27, 2016
Marriott International and Starwood Hotels and Resorts Worldwide have received unconditional clearance from the European Union on the companies' planned acquisition and merger. The deal is expected to close some time next month.

"This is an important merger for the hotel industry and its customers," stated Margaret Vestager, commissioner for competition on the European Commission. "Our investigation confirmed that the hotel sector will remain competitive for customers in Europe following the merger, so I am pleased that the commission was able to clear the transaction quickly."

Marriott's acquisition of Starwood and the subsequent merger deal still requires some additional antitrust clearances, including in China, and must meet some other customary conditions before closing. Until that point, Marriott and Starwood will continue to operate as separate companies.