Hyatt Hotels Begins Equity Offering To Fund Apple Leisure Acquisition

by Shivani Kumaresan, Benzinga Staff Writer

September 22, 2021 8:37 AM | 1 min read | Make a Comment

Hyatt Hotels Corp H has announced a public offering of 7 million shares of its Class A common stock. The company will also grant the underwriters a 30-day option to buy up to an additional 1 million shares.
Hyatt expects to use the offering net proceeds to fund a portion of the purchase price for its pending acquisition of Apple Leisure Group.
Related Content: Hyatt Hotels To Acquire Resort Management Company Apple Leisure Group For $2.7B.
The company had previously announced that it intends to fund more than 80% of the purchase price with a combination of $1.0 billion of cash on hand and new debt financing and the remainder with equity financing.
Price Action: H shares are trading lower by 2.35% at $71.95 in premarket on the last check Wednesday.