Bill Gates' investment company is buying a controlling stake at Four Seasons luxury hotel chain.
Cascade Investment will pay $2.2 Billion to purchase a stake in Saudi Prince Alwaleed bin Talal’s Kingdom Holding Co.
Gates' firm will now own 71.25% of Four Seasons.
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According to a Wednesday statement, Bill Gates' investment company is now taking control of Four Seasons luxury hotel chain following a deal made with Saudi Prince Alwaleed bin Talal’s Kingdom Holding Co.
Cascade Investment LLC, a billionaire's company, will pay $2.2 Billion in cash to increase its stake in Four Seasons Holdings from 47.5% to 71.25%. It will purchase half the 47.5% stake Kingdom Holding currently owns.
Four Seasons is valued at $10 billion. The transaction is expected to close in January. Isadore Sharp (Four Seasons Chairman), who established the company in 1960, will retain his 5% share.
Four Seasons stated in a statement that "Cascade has increased its investment reflects it strong belief and excitement about Four Seasons iconic brand." Cascade, along with its long-standing partners in investment, reaffirms their support for Four Seasons' vision and unique culture which will further distinguish Four Seasons from other luxury companies around the globe.
Four Seasons was first publicly traded in 1997, when Bill Gates's investment company invested in it. Four Shares shareholders bought the company in 2007, with Gates and Alwaleed leading.