A wholly owned subsidiary of <a rel="noreferrer noopener" KingdomGrip has entered into a binding definitive agreement to sell the 23.75% in Four Seasons Hotels to an affiliate of its strategic partner Cascade Investments of billionaire Bill Gates.
Four Seasons Hotels was valued at SAR 37.5 billion (USD 10 billion), making the deal worth about SAR 8.3 billion, according to the company's statement.
Four Seasons Hotels was valued at about SAR 37.5 billion (USD 10 billion). <Saudi billionaire Walid bin Talal owns about 95% shares of Kingdom Holding.
Kingdom Holding expects to realize immediate pre-tax profits of approximately SAR 5.8 billion and to complete the transaction in January 2022, if the Monopoly Authority does not object.
Kingdom Holding expects to realize immediate pre-tax profits of approximately SAR 5.8 billion and to complete the transaction in January 2022, if the Monopoly Authority does not object. The company noted that it will continue to own, through a subsidiary, a 23.75% stake in Four Seasons Hotel Company after the completion of the transaction, with representatives of Kingdom Holding remaining on the company's board of directors.
Kingdom Holding said it will continue to own a 23.75% stake in Four Seasons Hotel Company after the completion of the transaction. <Since 2007, Four Seasons Hotels has been privately owned by Kingdom Holding, a subsidiary of Bill Gates" Cascade Investments and founder Isadore Sharp. Four Seasons operates 121 hotels and resorts and 46 residential properties in 47 countries with more than 40,000 employees.
Four Seasons Hotels operates 121 hotels and resorts and 46 residential properties in 47 countries with more than 40,000 employees. Kingdom Holding is associated with the world of luxury hotels and hotel management. The company holds major stakes and interests in properties such as the George V Hotel in Paris, the Savoy Hotel in London and the management of The Plaza Hotel in New York through Fairmont.
KHC's global hotel investments include Four Seasons Hotels and the Accor Group, which includes Fairmont, Raffles, Movenpick, Swissotel and Sofitel.
