Marriott's Starwood Acquisition Gets Approval from Saudi Arabia, Mexico

Marriott International has received approval from authorities in both Saudi Arabia and Mexico to acquire Starwood Hotels and Resorts, leaving China as the sole remaining country that requires pre-merger authorization. Marriott and Starwood are cooperating with the Chinese regulatory agency, according to Marriott, and will be prepared to close their transaction "promptly" upon receiving that country's go-ahead.

The hotel companies have been anticipating a July closing date and will continue to operate independently until the deal is officially finalized. Marriott and Starwood stockholders voted to approve Marriott's acquisition of Starwood in April. When the deal closes, Starwood stakeholders will receive 0.8 shares of Marriott common stock plus $21 in cash for each share of Starwood stock. As the lodging companies previously disclosed, the deal has already cleared the premerger antitrust review in the U.S., Canada and a number of other jurisdictions.