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Bill Gates, Saudi Prince to Buy Four Seasons for $3.7 Billion

Luxury Hotel chain Four Seasons Hotel Inc. (NYSE: FS), said Monday it had agreed to be bought for $3.37 billion by a group of private investors which include Microsoft Chairman Bill Gates, and Saudi Prince Alawaleed Bin Talal Bin Abdulaziz Alsaud. The deal will pay Four Seasons shareholders $82 per share, a 28 percent premium over the company's share price the day before the offer announcement in November. The buyout group includes Gates' Cascade Investment LLC and Kingdom Hotels international. A third investor is a holding company owned by Four Seasons CEO and Chairman Isadore Sharp. Under the deal, Sharp would receive $289 million, the company said in a released statement. The Four Seasons board unanimously approved the deal and is recommending that shareholders approve it at special meeting in April. The deal is also subject to regulatory approval.

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