With the transaction complete, Fairmont's common shares will cease to be listed for trading on the New York Stock Exchange and the Toronto Stock Exchange. At the end of trading Thursday, Fairmont's share price stood at $49.29.
Kingdom Hotels is run by billionaire Saudi Prince Alwaleed bin Talal, a global investor with a large stake in Citigroup Inc. and the nephew of Saudi Arabia's King Abdullah. Colony Capital is a private Los Angeles-based investment firm. The deal was first announced in January.
Kingdom and its affiliates already owned 3,875,000 common shares of Fairmont, which equated to about 4.4% of Fairmont's outstanding shares. In accepting the offer by Kingdom and Colony, Fairmont's board of directors rejected a $40-per-share partial takeover bid of Carl Icahn, who held a 9% stake in the company.
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