China's HNA to buy Radisson operator Carlson Hotels
However, the companies did not disclose the purchase price
 "The deal maker image via Shutterstock.")
<a href="http://www.shutterstock.com/pic-130099715/stock-photo-business-handshake.html?src=fIi19MrwP0OMID3rjp1KTg-1-0" target="_blank">The deal maker</a> image via Shutterstock.
A unit of Chinese conglomerate HNA Group has agreed to buy Carlson Hotels, which owns brands including Radisson and Country Inns and Suites.
The companies did not disclose the purchase price in a joint statement released yesterday.
They said that Carlson's headquarters would remain in Minnetonka, Minn, after the deal is completed.
The statement added that HNA pledged to "accelerate growth by investing substantially in the business."
The Chinese company will also acquire a 51.3% stake in Rezidor Hotel Group as part of the deal.
Brussels-based Rezidor operates Carlson hotels in Europe, Africa and the Middle East.
Under Swedish takeover rules, HNA is required to either buy the remaining shares of Rezidor it doesn't own or sell its stake down to 30%.
The companies did not disclose the purchase price in a joint statement released yesterday.
They said that Carlson's headquarters would remain in Minnetonka, Minn, after the deal is completed.
The statement added that HNA pledged to "accelerate growth by investing substantially in the business."
The Chinese company will also acquire a 51.3% stake in Rezidor Hotel Group as part of the deal.
Brussels-based Rezidor operates Carlson hotels in Europe, Africa and the Middle East.
Under Swedish takeover rules, HNA is required to either buy the remaining shares of Rezidor it doesn't own or sell its stake down to 30%.
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First Published: Apr 28 2016 | 9:42 AM IST