Bill Gates‘s private investment company has signed a deal to increase its stake in Four Seasons Hotels and Resorts so that it will hold a controlling interest.
Cascade Investment LLC will pay US$2.21 billion in cash for half of the 47.5 per cent stake owned by an affiliate of its long-term investment partner, Saudi Arabia’s Kingdom Holding Co.
The deal will increase Cascade’s stake in Four Seasons to 71.25 per cent from 47.5 per cent.
- Country Thunder cancels Calgary concert, blames noise bylaw and construction
- Half of Calgary Chamber members would consider leaving if Alberta separates: poll
- Calgary Transit unveils new light rail vehicles that go into service this week
- These are the 15 most affordable cities in Canada, Royal LePage says
Get weekly money news
Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
Four Seasons founder and chairman Isadore Sharp will retain his five per cent stake.
The deal is expected to close in January, pending regulatory approvals and other customary closing conditions.
Four Seasons manages 121 hotels and resorts and 46 residential properties in 47 countries.
Comments
Want to discuss? Please read our Commenting Policy first.