Soho House going private in deal involving Ashton Kutcher
An investor group led by New York-based MCR Hotels will acquire all outstanding shares of Soho House, which has dozens of locations around the world, according to an Aug. 18 announcement. Billionaire Ron Burkle, the executive chairman of Soho House and controlling shareholder, will roll over his stake, along with other existing shareholders.
The deal, which has an enterprise value of about $2.7 billion, ends a monthslong debate over the future of Soho House, according to The Wall Street Journal. Dan Loeb and his hedge fund Third Point had been pushing the board to consider outside bidders in an effort to get a higher price, WSJ reported.
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Shares (NYSE: SHCO) soared 16% to $8.84 on the news on the morning of Aug. 18. Soho House's IPO launched at $14 a share in 2021.
Stockholders will receive $9 a share for the company's outstanding public stock, according to the announcement. Additionally, a consortium of strategic investors led by actor Ashton Kutcher will provide new equity capital, and Kutcher will join the Soho House board after the deal closes.
Citi is serving as financial advisor to the company, and Sidley Austin LLP is serving as legal counsel. Canaccord is serving as financial advisor to MCR.
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Soho House Austin
Soho House Austin
Soho House Austin opened in 2021 in the Music Lane development on South Congress Avenue. It's been cited by many business leaders as their favorite place in Austin to work, socialize and network. It has a pool, dining, club and bar space and 46 bedrooms, according to its website.
Memberships cost anywhere from about $3,000 to almost $6,000 a year. People under the age of 27 pay less.
Last year, Michelin Guide launched its first-ever Michelin Keys selection dedicated to North American hotels. Soho House Austin received a key, along with other local hotels such as Arrive Austin, Austin Proper Hotel, Fairmont Austin Gold Experience, Hotel Saint Cecillia, Hotel ZaZa Austin and The Heywood Hotel.
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