LONDON: Dalata Hotel Group has agreed to a €1.4 billion cash offer from a newly formed consortium led by Pandox AB and Eiendomsspar AS, marking the successful conclusion of Dalata’s strategic review announced in March.
Under the terms of the deal, Pandox Ireland Tuck Limited, a wholly owned bid vehicle jointly held by Pandox and Eiendomsspar, will acquire Dalata’s issued and to-be-issued share capital for €6.45 per share. The offer represents a 35.5% premium over Dalata’s closing share price prior to its review and nearly 50% above its twelve-month average.
Dalata, which operates the Clayton and Maldron brands, will join a broader pan-European hotel platform under the transaction, expected to be implemented via a court-sanctioned scheme of arrangement under Irish company law. The deal includes a framework agreement appointing Scandic Hotels Group AB as operating partner for Dalata’s existing portfolio.
Liia Nõu, CEO of Pandox, said Dalata’s four-star properties in key Northern European markets would enhance Pandox’s asset quality and expand its footprint. “We have the utmost respect for Dalata and are excited at the prospect of joining forces,” she said.
Eiendomsspar Chairman Christian Ringnes called Dalata “one of the finest hotel companies in Northern Europe” and said the acquisition would unlock significant value alongside Pandox and Scandic.
Dalata CEO Dermot Crowley welcomed the deal, describing it as “an exciting new chapter” for the company. Chair John Hennessy said the transaction provided the most compelling outcome for shareholders following a rigorous sales process involving multiple bidders.
The acquisition is subject to regulatory approvals and other customary conditions.