RIYADH: Bill Gates' Cascade Investment LLC is taking control of Four Seasons Hotels and Resorts by buying about half of a Kingdom Holding Co. (KHC) affiliate's stake for $2.21 billion, the hotel operator said on Wednesday.
The KHC affiliate will retain a 23.75 percent ownership. Gates’s Cascade Investment will pay $2.2 billion in cash to boost its stake in Four Seasons Holdings to 71.25 percent from 47.5%, according to a Bloomberg report.
The deal is expected to be closed in January 2022, with a gain of SR5.9 billion. Proceeds from the sale will be used for future investments and repayment of part of its outstanding loans.
