Marriott Unveils $12.2 Billion Merger Deal With Starwood

Marriott International has concluded a $12.2 billion deal to buy rival hotel chain Starwood, which will give the combined group over a million rooms worldwide. The mega merger unveiled Monday will create the world’s largest hotel company with over 5,500 hotels.

Marriott’s enlarged footprint outside the U.S.

As part of the latest deal, Marriott will forward 0.92 of a share plus $2 in cash for each Starwood share,for a total of $11.9 billion in stock and $340 million in cash. This translates to $72.08 per share for Starwood, a discount of about 4% to the stock’s Friday close. Starwood...