Latest news with #Eiendomsspar
RTÉ News
15-07-2025
- Business
- RTÉ News
Dalata Hotel Group agrees to €1.4 billion takeover deal
Scandinavian property companies Pandox and Eiendomsspar have agreed to buy Ireland's largest hotel group Dalata Hotel Group for €1.4 billion, the companies said today. Dalata shareholders will get €6.45 in cash per share, representing a premium of about 12% to the closing price on June 2 - the day before the Scandinavian hotel investors first disclosed their interest in the Irish company. Dalata had rejected an initial proposal in early June from Pandox and Eiendomsspar, valuing it at €1.3 billion, saying that the price undervalued the group. The latest offer, which has the backing of the board, concludes the Dublin-based company's strategic review that was launched in March to drive up shareholder returns. The cash offer of €6.45 per share also represents a 35.5% premium to the Dalata share price before the launch of its strategic review and formal sale process in March and a 49.7% premium to the 12 month volume-weighted average Dalata share price. Sweden-based Pandox will own 91.5% of the entity taking over Dalata, while Norway-based Eiendomsspar will own 8.5%, the companies said in a statement. Pandox's long-term operating partner, Scandic Hotels Group AB, will become an operating partner for the existing Dalata portfolio, they added. Dalata operates 55 hotels under the Maldron Hotel and Clayton Hotel brands, mostly in Ireland and the UK, and aims to open new hotels in Europe including in Berlin and Madrid. It launched a strategic review in March to explore options for enhancing shareholder value, including a potential sale. The Dalata Board said it believes the acquisition is in the best interests of Dalata shareholders and represents the most effective route to enhance value for shareholders, relative to Dalata's other strategic options which have been considered as part of its strategic review. Dalata said it will retain its staff, management team and Dublin headquarters as it continues to expand as an international hotel group. Dermot Crowley, CEO of Dalata, said the deal represents an exciting new chapter for Dalata in which it will become part of a larger hotel platform and will further accelerate its growth. He said the deal was a "very good fit" as it gives Pandox a large portfolio in Britain and Ireland, and Dalata better access to capital and a larger platform to accelerate growth. Dalata will continue to target new properties in the United Kingdom and Western and Southern Europe, he added. "Our focus remains firmly on our people and our customers. I'm proud to continue to lead our team in close partnership with our new owners. Together, we will unlock new opportunities for the Clayton and Maldron brands as we continue to expand as a leading international hotel company," the CEO added. John Hennessy, Chair of Dalata, said that after a thorough and rigourous strategic review, incorporating a formal sales process, the board has determined unanimously that this transaction delivers compelling value and represents the best available strategic option for shareholders. "We believe that it is the right path forward for all stakeholders, and that it positions the business strongly for its next phase of growth under new ownership," the said. "The value achieved reflects the hard work and professionalism of the exceptional people working in Dalata now and in the past, and we extend our sincere gratitude to everyone in the Dalata Group and to all who have contributed to the journey so far. We look forward to the company's continued success into the future," he added. Pandox CEO Liia Nõu said the portfolio consisted of "well-established and highly profitable four-star hotels in strong locations" that would increase its footprint in key markets. Sweden-based Pandox specialises in the ownership, development and leasing of large hotel assets in major cities across Sweden and northern Europe. It has been expanding its portfolio through acquisitions and leases in key European cities including Stockholm, Berlin and Brussels and its portfolio consists of 163 hotel properties with about 36,000 rooms across 11 countries in Northern Europe. Eiendomsspar is one of the largest real estate owners in Norway and it owns 11 hotels in Norway, with another two hotels under construction. Eiendomsspar controls about 36% of the voting shares of Pandox.
BreakingNews.ie
15-07-2025
- Business
- BreakingNews.ie
Ireland's largest hotel group Dalata agrees to €1.4bn Scandinavian takeover
Scandinavian property companies Pandox and Eiendomsspar AS have agreed to buy Ireland's largest hotel group Dalata for €1.4 billion, the companies said on Tuesday. Dalata, which operates 56 hotels under the four-star Maldron and Clayton brands, mainly in Ireland and Britain, had rejected an initial bid from Pandox and Eiendomsspar in early June that had valued the hotel operator at €1.3 billion. Advertisement Sweden-based Pandox, which specialises in the ownership, development and leasing of large hotels across Sweden and northern Europe, will own 91.5 per cent of the entity taking over Dalata, while Norway-based Eiendomsspar will own 8.5 per cent, the companies said in a statement. Pandox's long-term operating partner, Scandic Hotels Group AB, will become an operating partner for the existing Dalata portfolio, the statement said. Dalata chief executive Dermot Crowley said the deal was a "very good fit" as it gives Pandox a large portfolio in Britain and Ireland, and Dalata better access to capital and a larger platform to accelerate growth. Ireland Profits and revenues surge at Dublin's Gresham Hot... Read More Dalata will continue to target new properties in the United Kingdom and western and southern Europe, he added. Advertisement Pandox chief executive Liia Nõu said the portfolio consisted of 'well-established and highly profitable four-star hotels in strong locations' that would increase its footprint in key markets. Under the deal, Dalata shareholders will get €6.45 in cash per share, representing a premium of about 12 per cent to the closing price on June 2nd – the day before the Scandinavian hotel investors first disclosed their interest in the Irish company. The latest offer, which has the backing of the board, concludes the Dublin-based company's strategic review that was launched in March to drive up shareholder returns.
BBC News
15-07-2025
- Business
- BBC News
Ireland's Clayton and Maldron hotel group Dalata sold to Scandinavian consortium
A Scandinavian consortium is buying Ireland's largest hotel chain for €1.4bn (£1.2bn).The Dalata group operates 55 hotels under the Clayton and Maldron brands, including three in Northern this year it put itself up for sale saying fresh investment was needed to grow the buyers are Pandox, a Swedish hotel operator, and Eiendomsspar, a Norwegian property company. Pandox's existing hotels include the Belfast Hilton which it bought for about £40m in its foundation in 1995, it has grown into one of the largest hotel owners in northern Europe with 163 properties across 11 said that when the deal is completed it will retain its staff, management team and Dublin Crowley, chief executive of Dalata, said: "Our focus remains firmly on our people and our customers."I'm proud to continue to lead our team in close partnership with our new owners. Together, we will unlock new opportunities for the Clayton and Maldron brands as we continue to expand as a leading international hotel company."
Business Post
15-07-2025
- Business
- Business Post
In profile: Pandox and Eindomsspar, the Scandinavian firms acquiring Dalata in €1.4bn deal
Business Post subscribers can read: • The strategic motivations behind Pandox's growing interest in the Irish and UK hotel markets — and its €3.96bn portfolio power • How Norwegian billionaire Christian Ringnes built Eiendomsspar into a major European property force — and why Dalata is now in his sights • What happens next for Ireland's only publicly listed hotel group?
Irish Independent
15-07-2025
- Business
- Irish Independent
Nordic group to buy Dalata for €1.4bn
Pandox and Eiendomsspar, which had a bid rejected six weeks ago, have upped their offer by €0.40 to €6.45 per share. This is a 35.5pc premium to where the Dalata price stood before the hotel operator launched a strategic review and formal sale process on March 5. It was then €4.76. The improved bid is a 49.7pc premium to the 12-month volume-weighted average Dalata share price, and represents an acquisition equity value of €1.4bn. The earlier offer had valued the company at €1.3bn, but was rejected by the board on the basis that it materially undervalued the group. The acquisition must now be approved by Dalata shareholders. In a statement, Dalata pointed out that the equity value of the offer represents the highest market capitalisation for the company since its flotation in 2014. It also pointed out that the price is higher than anything offered during the formal sales process, which involved two rounds of bidding from both trade and financial buyers. 'The offer represents compelling value for shareholders following the persistent under valuation of Dalata over the previous years,' the company said. 'The offer provides investors with certainty of value, enabling them to realise the value of their investment in cash.' Eiendomsspar, one of the largest property owners in Norway, with its portfolio including 11 hotels, already had an 8.8pc stake in Dalata at the time of its first bid. It controls 36pc of the shares in Pandox, a Swedish firm that owns 163 hotels across 11 countries in Europe, with about 36,000 rooms. Based in Stockholm, Pandox develops and then leases hotels to operators under long-term deals. Its hotels in Ireland operate under the Leonardo brand. Liia Nõu, the chief executive of Pandox, said: 'Dalata's portfolio consists of well-established and highly profitable four-star hotels in strong locations, which will further expand Pandox's footprint in several large, dynamic and growing hotel markets in Northern Europe. The hotel properties are of high technical standard and will contribute positively to the overall quality of Pandox's hotel property portfolio.' The offer will be made through a newly incorporated company, Pandox Ireland Tuck Limited. The acquisition is being financed from a combination of existing cash resources available to the two companies, and a loan facility provided to Pandox by its existing lender DNB Bank. Established in 2007, Dalata has expanded into a leading four-star hotel platform in Ireland and the UK and now has 56 properties, plus 22 leased hotels. Dermot Crowley, the company's chief executive, said: 'This represents an exciting new chapter for Dalata in which we will become part of a larger hotel platform and will further accelerate our growth. I'm proud to continue to lead our team in close partnership with our new owners. Together, we will unlock new opportunities for the Clayton and Maldron brands as we continue to expand as a leading international hotel company.' John Hennessy, the chair of Dalata, said: 'Following a thorough and rigorous strategic review, incorporating a formal sales process, the board has determined unanimously that this transaction delivers compelling value and represents the best available strategic option for our shareholders. "We believe that it is the right path forward for all stakeholders, and that it positions the business strongly for its next phase of growth under new ownership.'
