January 18, 2018 / 11:44 AM / 6 months ago

BRIEF-Wyndham Worldwide, La Quinta Announce Acquisition Agreement

Jan 18 (Reuters) - Wyndham Worldwide Corp:

* WYNDHAM WORLDWIDE AND LA QUINTA HOLDINGS ANNOUNCE ACQUISITION AGREEMENT

* WYNDHAM WORLDWIDE CORP - DEAL FOR $1.95 BILLION IN CASH.

* WYNDHAM WORLDWIDE - WYNDHAM WORLDWIDE WILL ACQUIRE LA QUINTA’S HOTEL FRANCHISE AND HOTEL MANAGEMENT BUSINESSES

* WYNDHAM WORLDWIDE CORP - UNDER TERMS OF AGREEMENT, STOCKHOLDERS OF LA QUINTA WILL RECEIVE $8.40 PER SHARE IN CASH

* WYNDHAM WORLDWIDE CORP - UNDER TERMS OF AGREEMENT, CO WILL ALSO REPAY ABOUT $715 MILLION OF LA QUINTA DEBT NET OF CASH

* WYNDHAM WORLDWIDE CORP - DEAL HAS BEEN APPROVED BY BOARDS OF DIRECTORS OF BOTH COMPANIES

* WYNDHAM WORLDWIDE - IMMEDIATELY PRIOR TO SALE OF LA QUINTA TO CO, LA QUINTA WILL SPIN OFF ITS OWNED REAL ESTATE ASSETS INTO PUBLICLY-TRADED REIT

* WYNDHAM WORLDWIDE - PLANNED SPIN-OFF OF WYNDHAM HOTEL GROUP REMAINS ON TRACK FOR EXPECTED DISTRIBUTION IN Q2 2018

* WYNDHAM WORLDWIDE CORP - WYNDHAM WORLDWIDE’S PLANNED SPIN-OFF OF WYNDHAM HOTEL GROUP REMAINS ON TRACK FOR AN EXPECTED DISTRIBUTION IN Q2 OF 2018

* WYNDHAM WORLDWIDE - SET ASIDE RESERVE OF $240 MILLION FOR ESTIMATED TAXES EXPECTED TO BE INCURRED DUE TO SPIN-OFF OF LA QUINTA’S OWNED REAL ESTATE ASSETS Source text for Eikon: Further company coverage:

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