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Kingdom Holding sells big Four Seasons stake to Cascade

Saudi Prince Alwaleed’s Kingdom Holding Co. (KHC), Riyadh, signed a definitive agreement to sell half of his interest (23.75%) in Four Seasons Hotels and Resorts to an affiliate of Bill Gate’s Cascade Investment, its long-term investment partner in Four Seasons, taking Cascade’s stake from 47.5% to a controlling 71.25%. The all-cash deal is being concluded on the basis of an enterprise value for Four Seasons of US$10 billion with cash proceeds to KHC of US$2.21 billion. KHC is expected to report a gain from the transaction of approximately US$1.57 billion. Four Seasons Founder and Chairman Isadore Sharp, through Triples Holdings Ltd.,…
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