Luxury Hotel chain Four Seasons Hotel Inc. (NYSE: FS), said Monday it had agreed to be bought for $3.37 billion by a group of private investors which include Microsoft Chairman Bill Gates, and Saudi Prince Alawaleed Bin Talal Bin Abdulaziz Alsaud.
The deal will pay Four Seasons shareholders $82 per share, a 28 percent premium over the company's share price the day before the offer announcement in November. The buyout group includes Gates' Cascade Investment LLC and Kingdom Hotels international.
A third investor is a holding company owned by Four Seasons CEO and Chairman Isadore Sharp. Under the deal, Sharp would receive $289 million, the company said in a released statement.
The Four Seasons board unanimously approved the deal and is recommending that shareholders approve it at special meeting in April. The deal is also subject to regulatory approval.
The four seasons operates hotels in over 70 countries.