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NH Hoteles buys out Intesa Sanpaolo stake in NH Italia


Monday, 14 Apr 2014 08:00pm EDT 

NH Hoteles SA:NH Hotel Group signed agreement to acquire 44.5 percent stake in NH Italia in exchange for shares from Intesa Sanpaolo.Intesa Sanpaolo set up Italian joint venture with NH Hotel Group, which owns remaining 55.5 percent, in 2007.NH Hotel Group to reach 100 percent stake in NH Italia.Transaction entails issuance of 42,000,000 new shares at issue price of 4.70 euros per share.New shares to be subscribed exclusively by Intesa Sanpaolo in exchange for 445,000 shares representing its 44.5 percent interest in NH Italia.As result of capital increase pending to be executed, shareholders structure of company would be: HNA (21.2 percent), GIHSA (17.7 percent), Intesa Sanpaolo (16.0 percent) and free float (45.1 percent).Morgan Stanley acted as financial advisor to NH Hotel Group on transaction.