Minor International (Mint) has announced it has reached an agreement with HNA Group to purchase an equity stake of 25.2% in NH Hotel Group for \u20ac619 million (\u00a3543m). \r\n\r\nThe purchase follows Mint\u2019s earlier purchase of a 9.5% shareholding (on a fully-diluted basis) in NH Hotel Group. Mint also confirms that it will follow Spanish regulations as applicable to launch an all-cash public tender offer to acquire NH Hotel Group\u2019s remaining shares.\r\n\r\nDillip Rajakarier, CEO Minor Hotels, said: \u201cToday we are embarking on a new era, driving investment strategy to further cement our footprint in the European hospitality industry. We will be able to create a network of over 540 hotels with a reach across Asia, Oceania, the Middle East, Africa and Europe, all of which are important hospitality regions around the world. \r\n\r\n\u201cThe business network will allow the two companies to capitalize on our leadership positions in key growth areas, highly complementary asset and brand portfolio, technology platform and talented employees. MINT can also support the NH Hotel Group with its food and beverage expertise where appropriate to enhance customer experience and maximise revenue potentials. \r\n\r\n\u201cTogether, we will be well-positioned to achieve greater success, provide greater value to customers and create more exciting growth opportunities than either company could achieve alone.\u201d\r\n\r\nThe share purchase from HNA Group will be in two tranches. The first tranche of 65.85 million shares, representing 16.8% shareholding will be completed on or around 15 June 2018. The second tranche, consisting of 32.94 million shares or 8.4% is expected to be completed in September 2018.\r\n\r\n\r\nIn addition Mint has also announced its intention to follow Spanish regulations, as applicable, to launch an all-cash public tender offer to acquire NH Hotel Group\u2019s remaining shares. It said applicable price shall not be lower than Mint\u2019s highest acquisition price in the last 12-month period, currently being \u20ac6.40 per share.\r\n\r\nThe proposed tender offer is subject to the approvals of Mint\u2019s shareholders, the National Securities Market Commission of Spain (CNMV) and clearance by relevant anti-trust authorities. \r\n\r\nThe final acquisition percentage will be dependent on NH Hotel Group\u2019s existing shareholders\u2019 decision to sell their shares at Mint\u2019s proposed tender offer price. The tender offer process is expected to take 3-5 months after the launch of the tender offer.