As part of the term sheet, the equity interest in Banyan Tree Hotels Management (Tianjin) held by Tianjin Wanrong Enterprise Management, an indirect wholly-owned subsidiary of Banyan Tree Assets (China) will also be acquired by the Banyan Tree subsidiaries.
Banyan Tree Holdings (SGX:B58
) has announced that its subsidiaries Banyan Tree Services and Banyan Tree China have acquired all of China Vanke’s affiliates’ interest in their joint ventures (JVs) Banyan Tree Services (China) and Banyan Tree Hotel Management (China) on Dec 29.
The aggregate consideration for the transaction came to RMB480 million ($91.5 million), and will be partially offset by China Vanke subsidiary Tritonia Company’s acquisition of all of Banyan Tree China’s interest in Banyan Tree Assets (China) Holdings, a separate JV entity which owns hotels in China.
