Marriott International and Starwood Hotels & Resorts Worldwide received approval for their merger from the Chinese government. With the removal of that final regulatory obstacle, the two companies are expected to complete the transaction by Friday morning.
On that day, Starwood will delist itself from trading on the New York Stock Exchange, and Marriott will become the world’s largest hotel company. Starwood shareholders will receive $21 in cash and 0.80 shares of Marriott Class A common stock for each share of Starwood common stock.
Marriott had agreed last month to give China’s antitrust authority additional time to review the merger.