Amancio Ortega Makes His Leave Real by Selling 4.059% of NH Hoteles to HNA

29/01/2014 – Cinco Días

Businessman Amancio Ortega has definitely left the NH Hoteles. The founder of Inditex held 4,059% of the hotel chain´s capital through the patrimonial company Pontegadea, and he sold his share to Chinese group HNA.

By the purchase, HNA (…) amplified its shareholding to 24.059%.

In relevant deed provided to the CNMV, HNA declared buying 12.5 million titles of the NH Hoteles, corresponding to 4.059% of the capital, via the company Tangla Spain. The Chinese group disbursed 4,2 Euros per share, that sums up in 52,55 millon Euros, an amount below the current hotel value on the stock market. The NH Hoteles concluded the day with a 4,64% climb, up to 4,74 Euros per share.

After the purchase execution, the shareholders´agreement between Amancio Ortega and HNA has been broken and the Chinese group became the main shareholder of the chain chaired by Federico González Tejera, leaving Hesperia with 20.1% of the capital behind. The companies holding smaller parts are several private equity firms controlling about 16% of the NH Hoteles: Blackrock owning 5,6%, UBS – 5,4% and Fidelity – 1,5%, while Banca Intesa holds 4,5%.

Along with the sale, Ortega brought to an end his adventure in the NH Hoteles, the company in which he held 10% in 2003 in order to halt the hostile takeover bid released by failing Hesperia. He reduced his share by 4.5% in 2007, selling it for 103,3 million Euros.

On January 16th,  BFA-Bankia got rid of the 12,6% of the NH Hoteles it held and thanks to the transaction earned 64 million Euros. (…).

Source: Cinco Días

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