Jardine Matheson will acquire the remaining 11.96% stake in Mandarin Oriental through its wholly owned subsidiary Bidco, according to a Friday filing on the London Stock Exchange first reported by Bloomberg.
The transaction was announced at the same time as the $925 million sale of the top 13 floors of Mandarin Oriental’s One Causeway Bay property in Hong Kong to Alibaba Group and Ant Group. According to a separate Friday filing, Alibaba will use the space as its Hong Kong headquarters.
The go-private offer for Mandarin Oriental is priced at $3.35 per share and consists of $2.75 in cash plus a special dividend of $0.60 per share from the Alibaba office space sale. Jardine Matheson said in its filing that it intends to finance the go-private deal “using cash on its balance sheet together with committed facilities.”
Completion of the Alibaba sale is expected by Dec. 31, and pending approval, Jardine Matheson will complete its acquisition of the Mandarin Oriental stakes by Feb. 28, 2026.
Mandarin Oriental operates 43 hotels, 12 residences and 26 homes in 26 countries and territories. The company has recently focused on its North American strategy, and earlier this year announced a 430-person layoff related to the redevelopment of its Mandarin Oriental, Miami property.
