Bill Gates’s private investment company has signed a deal to increase its stake in Four Seasons Hotels and Resorts so that it will hold a controlling interest.
Cascade Investment LLC will pay US$2.21 billion in cash for half of the 47.5 per cent stake owned by an affiliate of its long-term investment partner, Saudi Arabia’s Kingdom Holding Co.
The deal will increase Cascade’s stake in Four Seasons to 71.25 per cent from 47.5 per cent.
Four Seasons founder and chairman Isadore Sharp will retain his five per cent stake.
The deal is expected to close in January, pending regulatory approvals and other customary closing conditions.
Four Seasons manages 121 hotels and resorts and 46 residential properties in 47 countries.
This report by The Canadian Press was first published Sept. 8, 2021