Deals
Nippon Hotel, Japan Hotel REITs to Merge in $224 Million Deal
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Nippon Hotel Fund Investment Corp., a real estate investment trust, will merge with Japan Hotel & Resort Inc. to expand asset size and boost share performance, the companies said in a statement.
Nippon Hotel will split its shares into 12 and sell 1.16 million of new shares to pay for the acquisition, according to the joint statement. The transaction is valued at 17.5 billion yen ($224 million) based on yesterday’s closing price of Nippon Hotel, according to data compiled by Bloomberg. Japan Hotel will be delisted by March 28, according the statement.