Virginia/Fairfax – All-inclusive resort operator Playa Hotels & Resorts N.V. (NASDAQ: PLYA) has received final antitrust approval from Mexican authorities, clearing the path for its pending acquisition by Hyatt Hotels Corporation (NYSE: H). This milestone allows Hyatt’s subsidiary, HI Holdings Playa B.V., to proceed with its all-cash tender offer of 13.50pershareforalloutstandingcommonsharesofPlaya.The13.50 per share tender offer, part of the February 9, 2025 acquisition agreement, will expire at 5:00 PM New York time on June 9, 2025. If minimum tender conditions are met, payment for accepted shares is expected around June 11, 2025.
The acquisition follows a carefully structured two-phase approach designed to ensure regulatory compliance while efficiently consolidating ownership. The initial offer period is set to expire on June 9, 2025, with settlement for accepted shares anticipated around June 11, 2025. Should the initial offer meet all conditions, Hyatt plans to launch a subsequent offer period beginning June 10, 2025 and concluding at 11:59 PM New York time on June 16, 2025, with completion expected shortly thereafter around June 17, 2025.
Playa has announced its intention to voluntarily delist from Nasdaq upon deal completion, subject to the tender offer expiration and acquisition of all tendered shares per agreement terms. If these conditions are satisfied, Playa plans to file a delisting notice with the SEC around June 16, 2025. The company operates a portfolio of all-inclusive resorts in Mexico, Jamaica, and the Dominican Republic, leveraging strong partnerships with global hotel brands. The acquisition aligns with Hyatt’s strategic focus on expanding its presence in the all-inclusive segment, enhancing its international footprint, and strengthening its lifestyle and luxury offerings.
Hyatt brings significant financial resources to the transaction, maintaining robust financials with moderate debt levels and generating 378millioninleveragedfreecashflowoverthepast12months.Thecompanyboastsastrong43.750.46 exceeded analyst estimates of 0.36,thoughrevenueslightlymissedat1.67 billion compared to the $1.68 billion estimate. The company continues to execute its asset-light model while demonstrating strong performance in international markets.
The transaction is being managed by Georgeson LLC as information agent, with shareholders and financial institutions able to contact the firm for additional details. Playa’s market position in the all-inclusive resort segment complements Hyatt’s existing portfolio, creating opportunities for synergies and growth. The acquisition price of $13.50 per share represents a premium to the company’s trading price prior to announcement, reflecting the strategic value Hyatt places on expanding its presence in the growing all-inclusive vacation market.
This transaction represents a significant step in Hyatt’s strategic growth plan, combining Playa’s established resort presence with Hyatt’s global brand network to create a more comprehensive hospitality offering. The company’s recent financial performance and strong cash flow position it well to execute the acquisition while maintaining its investment grade credit ratings. The deal is subject to customary closing conditions and regulatory approvals as outlined in the merger agreement and SEC filings, with completion expected in mid-June 2025.
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