Minor International and NH Hotel Group: the 2018 takeover in numbers

Minor International finished its tender offer for NH Hotel Group in autumn 2018 at €6.30 a share, ending up with 94.1% of the Spanish hotel company at a total cost of €2,327 million. Minor Hotels now says it has more than 640 properties.

Building the stake

Minor first bought 9.5% of NH Hotel Group. In June 2018 it agreed to buy a further 25.2% from HNA Group in two tranches, valued at €619 million. That lifted its holding to 34.7%, above the 30% level at which Spanish takeover rules require a full offer, according to a Reuters report quoted by TTG Asia.

The tender offer

The price was set at €6.30 a share. Minor had said it would offer no less than its highest purchase price in the previous 12 months, €6.40, and the offer was then reduced by the €0.10 dividend that NH’s board proposed. Holders of 187,289,383 shares, 47.8% of the company, tendered. Together with what Minor already held, that gave it 94.1% of NH, for the total investment of €2,327 million. Minor had said it intended to keep NH listed on the Madrid stock exchange and had a shareholding target of 51% to 55%; the result was well above it. Minor’s release said the acquisition gave the group a platform of 549 hotels.

Dillip Rajakarier, chief executive of Minor Hotels, called the acquisition “a true game-changer for both MINT and NH Hotel Group”. William Heinecke, founder and chairman of Minor International, said he was “extremely pleased with the outcome of our tender offer”.

What it added

NH brought the NH Hotels, NH Collection and nhow brands, and Minor lists them alongside Anantara, Avani, Oaks, Elewana and Tivoli. Minor bio material says the NH deal helped take its portfolio from 161 properties to more than 560. Minor went on to buy all of Corbin & King in 2022, renaming it The Wolseley Hospitality Group. For 2025 Minor Hotels reported core revenue of THB 133.2 billion and core profit of THB 6.84 billion, up 32%.