Jinjiang International buys 81% of Keystone Lodging
Hotel operator will fund acquisition with cash and loans
Add BT as a preferred sourceShanghai
JINJIANG International Hotels Development Co bought a controlling stake in the owner of 7 Days Group Holdings Ltd, two years after the economy hotel chain was delisted in New York.
Jinjiang International will pay 8.3 billion yuan (S$1.8 billion) for 81 per cent of Keystone Lodging Holdings Ltd, the owner of Plateno Group. Plateno took 7 Days private in 2013, with funding from Carlyle Group and Sequoia Capital China. The transaction gives Keystone an enterprise value of 10.8 billion yuan, Jinjiang said in a statement to the Shanghai Stock Exchange announcing the deal.
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