New offer from Pandox
Pandox Ireland Tuck Limited (Bidco), a newly established company fully owned by Pandox AB and Eiendomsspar AS, has agreed to acquire Dalata Hotel Group for a cash offer of €6.45 per share. Previously, the Pandox Consortium had made a non-binding proposal to Dalata, offering €6.05 per share in cash for the entire share capital of the Group. Dalata’s Board rejected the offer on June 3, stating that it undervalued Dalata and its prospects.
This represents a 35.5% premium over Dalata’s share price prior to the launch of its strategic review. The total equity value of the acquisition is approximately €1.4 billion.
The acquisition will be carried out through a scheme of arrangement under the Companies Act 2014. Dalata’s shareholders will receive the offer in cash, marking a successful outcome for the strategic review that Dalata initiated earlier this year.
Strategic importance of the acquisition
Dalata’s portfolio, consisting of well-established hotels across Northern Europe, will expand Pandox’s footprint in the region. The acquisition is seen as a positive move for Dalata shareholders, with Pandox and Eiendomsspar offering significant support for Dalata’s future growth and long-term business ambitions. The Scandic Group will assume management of Dalata’s hotel portfolio.
“Dalata is a successful operator with strong brands and leading or well-established positions in attractive markets. The company operates mainly in the mid-range segment and shares a business model similar to that of Scandic. Overall, Dalata is a good fit for us. We see this transaction as an opportunity to add a growth platform in new growth markets, at an attractive valuation. Scandic’s financial strength enables us to seize this opportunity with balanced debt leverage.” – Jens Mathiesen, CEO of Scandic
“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. The hotel properties are of high technical standard and will contribute positively to the overall quality of Pandox’s hotel property portfolio.” – Liia Nõu, CEO of Pandox
“As the largest shareholder in Pandox and a joint offeror, we are enthusiastic about the acquisition of Dalata, which we view 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.” – Christian Ringnes, Chairman of Eiendomsspar
Next steps for Dalata
“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. I’m proud to continue to lead our team in close partnership with our new owners. Together, we will unlock new opportunities for the Clayton and Maldron brands as we continue to expand as a leading international hotel company.” – Dermot Crowley, Dalata’s CEO
The acquisition is conditional on the approval of Dalata shareholders and regulatory clearance. The scheme document will provide further details and set out the action required from Dalata shareholders. The acquisition is expected to be completed in the fourth quarter of 2025, pending satisfaction of the conditions.
