(Bloomberg) -- Bill Gates’s investment firm will pay Saudi Arabian billionaire Prince Alwaleed bin Talal $2.2 billion to raise its stake in Four Seasons Holding Co.
Cascade Investment LLC will buy a 23.75% stake from Kingdom Holding Co, valuing the business at a $10 billion enterprise value. As part of the all-cash deal, Cascade’s stake will increase to 71.25%.
Kingdom Holding expects a gain of 5.9 billion riyals ($1.57 billion) from the deal and will use the proceeds for investments and to repay some outstanding loans. The deal is expected to close in January 2022.
Four Seasons shareholders took the company private in 2007, and it now manages 121 hotels and resorts, and 46 residential properties in 47 countries.
Cascade first invested in Four Seasons in 1997 when the company was public. Four Seasons Chairman, Isadore Sharp, will retain his 5% stake.
