Kingdom Holding sells Fairmont stake to Qatar
Prince Alwaleed bin Talal’s investment company strikes $847 million deal with Qatari Diar.
April 5, 2010 7:14 by kippreport
Kingdom Holding, which is owned by Saudi billionaire Prince Alwaleed bin Talal, has agreed to sell a stake in Canadian hotels chain Fairmont Raffles Holdings International to Qatari Diar for $847 million, Bloomberg reported today.
Kingdom’s stake in Fairmont will drop to 35 percent after the transaction, the company said in a statement to the Saudi bourse today.
Qatari Diar – which is owned by the country’s sovereign wealth fund – and Voyager Partners will hold 40 percent of Fairmont Raffles following the deal.