Ireland: Pandox Ireland Tuck Limited, a newly formed company wholly owned by Pandox AB and Eiendomsspar AS, has made a cash offer to acquire Dalata Hotel Group plc for €6.45 (£5.59) per share.
The acquisition comprises a portfolio of 56 hotels including 31 freehold and long leasehold properties, 22 leasehold hotels, and three managed hotels located across the Republic of Ireland, the UK, Germany and the Netherlands.
Dalata debuted in Europe in 2022 with the acquisition of Hotel Nikko in Düsseldorf and acquired the Apex Hotel London Wall from Apex Hotels Limited for £53.4 million in 2023. Both hotels have been rebranded under Clayton, one of Dalata’s own brands.
In addition to Clayton, the Dalata portfolio includes Maldron Hotels as well as a number of independent and boutique hotels.
The cash offer values Dalata’s equity at approximately €1.4 billion (£1,214 billion), representing a 35.5 per cent premium to Dalata’s share price prior to the launch of its strategic review, and a 49.7 per cent premium to its twelve-month volume-weighted average price.
At completion of the acquisition, Pandox Ireland Tuck Limited will be owned by Pandox (expected 91.5 per cent) and Eiendomsspar (expected 8.5 per cent). A framework agreement has been entered with Scandic Hotels Group AB to operate Dalata’s existing portfolio post-acquisition.
The consortium has also committed to maintaining Dalata’s Dublin headquarters and to support its staff and brands during its next phase of growth.
Liia Nõu, CEO of Pandox said: “Dalata’s portfolio consists of well-established and highly profitable four-star hotels in strong locations, which will further expand Pandox’s footprint in several large, dynamic and growing hotel markets in Northern Europe… We have the utmost respect for Dalata, the business it has created and its staff, and we are excited at the prospect of joining forces for future growth.”
Christian Ringnes, chairman of Eiendomsspar said: “We view Dalata as one of the finest hotel companies in Northern Europe. We believe the combined forces of Pandox, Dalata and Scandic Hotels will provide strength and be a source of significant value creation.”
Dermot Crowley, CEO of Dalata said: “This represents an exciting new chapter for Dalata in which we will become part of a larger hotel platform and will further accelerate our growth. Our focus remains firmly on our people and our customers.”
John Hennessy, chair of Dalata, said: “Following a thorough and rigorous strategic review, the board has determined unanimously that this transaction delivers compelling value and represents the best available strategic option for our shareholders.”
Highlights:
- Pandox and Eiendomsspar have announced a €1.4 billion cash offer for Dalata Hotel Group.
- The consortium, known as Pandox Ireland Tuck Limited, has offered £5.59 per Dalata share.
- It represents a 35.5 per cent premium on Dalata’s pre-review share price.
- The deal has been expected to close in Q4 2025.