The Singapore-listed real-estate company City Developments has agreed to buy the remaining shares in United Kingdom-listed hospitality group Millennium & Copthorne Hotels in a deal that values the entire company at £1.8 billion ($2.4 billion).
The Singapore-listed real-estate company, which currently owns 65.2 percent of M&C, is offering 552.5 pence for each of the remaining shares in the hotel company.
City Developments said it intends to maintain Millennium's current business model. It will manage the business as an owner and operator of its hotel portfolio.
City Developments is part of Singapore-headquartered Hong Leong Group, headed by billionaire Kwek Leng Beng.
