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Dalata To Raise £50 Million On Stock Exchange

Published on Feb 2 2015 10:59 AM in Hotel

Dalata To Raise £50 Million On Stock Exchange

Ireland's biggest hotels group, Dalata, will place £50 Million worth of shares on the London Stock Exchange on Wednesday.

According to the Irish Independent, the share placing will help the group finance the €455 million takeover of the Moran Bewley's hotel group, which was confirmed last week.

The purchase will see Dalata grow as a market player in the UK as the deal will see them acquire hotels in London, Leeds and Manchester.

"It is a business we have admired for a long time and the acquisition is a rare opportunity to acquire a large well invested portfolio of hotels,"said Pat McCann, CEO of Dalata (pictured) adding that the takeover was a "transformational development".

The share placing had been announced before Christmas but will go ahead now after the CCPC deemed the takeover bid to be within the confines of market fairness.

Dalata's shares closed at €2.92 each on Friday evening.

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