Marriott’s Expansion Plans

It’s official! Marriott International Inc will buy Starwood Hotels & Resorts Worldwide Inc in a deal that will create the world’s largest hotel chain. The Deal is valued at $12.2 billion.

The companies said on Monday, that Starwood shareholders will receive 0.92 shares of Marriott Class A common stock and $2 in cash for each Starwood share held. The offer translates into $72.08 per share for Starwood, a discount of about 4 percent to the stock’s Friday close.

The deal is expected to close in mid 2016. For more details be sure to check out the video above.