Advent Hotels International has approved the signing of a share purchase agreement (SPA) to acquire the remaining 25% equity stake in BD And P Hotels (India) (BD&P Hotels) for a total consideration of Rs400m ($4.2m).
The move was approved by the company’s board of directors.
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Incorporated in April 1997, BD&P Hotels is an existing subsidiary of Advent Hotels International and owns and operates the Hilton Mumbai International Airport hotel.
The transaction will involve acquiring around 7.09 million equity shares of Rs10 each in BD&P Hotels from its existing shareholders, who are not related parties.
As a result, the transaction does not constitute a related party transaction, Advent Hotels said in a regulatory filing.
“The acquisition is aligned with the company’s hospitality business and is aimed at consolidating the company’s ownership in BD&P Hotels, thereby enabling the company to exercise complete ownership and greater strategic and operational control over its hospitality business,” the statement added.
The transaction is expected to be completed by 30 June 2027 under the terms of the SPA, unless the parties mutually agree to extend the deadline. The deal is not subject to any governmental or regulatory approvals.
Once completed, BD&P Hotels will become a wholly owned subsidiary of Advent Hotels International.
The Hilton Mumbai International Airport hotel comprises 171 keys, banqueting facilities, conference facilities and shops.
The property is located on approximately 1.26 acres of land in Andheri East, Mumbai.
