MGM China acquires MGM Asia-Pacific
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The US$20m deal is intended to open future expansion opportunities in hospitality management and cultural tourism across Greater China.
China.- MGM China has completed the acquisition of MGM Asia-Pacific for US$20m. The transaction gives MGM China full ownership of the hotel management company, which operates eight hotels in mainland China and has 12 additional projects under development.
The acquisition was financed entirely through internal resources. According to MGM China, the move will strengthen its presence and future expansion opportunities in the hospitality management and cultural tourism sectors across Greater China, expanding its business beyond its integrated resort operations in Macau.
As the seller is indirectly owned by MGM Resorts International, MGM China’s controlling shareholder, the transaction is classified as a connected transaction under Hong Kong listing rules. As all applicable percentage ratios are below 5 per cent, the deal only requires reporting and public disclosure and does not require independent shareholder approval.
The US$20m deal is intended to open future expansion opportunities in hospitality management and cultural tourism across Greater China. China.- MGM China has completed the acquisition of MGM Asia-Pacific for US$20m. The transaction gives MGM China full ownership of the hotel management company, which operates eight hotels in mainland China and has 12 additional projects…
