Playa Hotels & Resorts to be acquired by Hyatt for $13.50 per share in cash

Playa Hotels & Resorts N.V. (PLYA) confirmed it has entered into an agreement with Hyatt Hotels Corporation (H) under which an indirect wholly owned subsidiary of Hyatt will acquire all outstanding shares of Playa for $13.50 per share in cash. “We are pleased to enter into this agreement with Hyatt and look forward to delivering the many benefits of the transaction to Playa’s shareholders, guests, employees and other stakeholders,” said Bruce D. Wardinski, Chairman and CEO of Playa Hotels & Resorts. “Following a deliberate and comprehensive review of opportunities, the Playa Board concluded that the proposed transaction with Hyatt is in the best interest of the Company. As a result of our robust process and engagement with a number of potential counterparties, we are confident that this transaction maximizes shareholder value. The transaction will deliver to Playa shareholders a 40% premium to the Company’s unaffected stock price prior to the disclosure of exclusive discussions with Hyatt.” The acquisition is anticipated to close later this year, subject to Playa shareholder and regulatory approval as well as other customary closing conditions. PJT Partners LP is serving as financial advisor to Playa Hotels & Resorts and Hogan Lovells and NautaDutilh N.V. are serving as legal counsel.