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Kingdom Holding Co. announced that its affiliate, Kingdom Investment I (TSF), signed today, Sept. 8, an agreement with FS Washington Acquisition Corp., a subsidiary of Cascade Investment Group, to sell its 23.75% stake in Four Seasons Holding Co., according to a bourse filing.
The deal will take place on the basis of a value of SAR 37.5 billion ($10 billion) for Four Seasons Hotel Co., with immediate cash returns for the subsidiary of Kingdom Holding of SAR 8.29 billion ($2.21 billion).
The company expects to achieve immediate profits before taxes of about SAR 5.89 billion ($1.57 billion).
The deal is expected to be complete in January 2022, in the event of obtaining a no-objection from the authorities.
Kingdom Holding will continue, through its subsidiary, to own a 23.75% stake in Four Seasons Hotels Co. after the completion of the transaction, while retaining its representatives on the board of directors of Four Seasons Hotels Co. for the purpose of growth.
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