Latest news with #Dalata
Times
20-07-2025
- Business
- Times
Meet the woman behind the €1.4bn Dalata buyout coup
Liia Nõu, chief executive of Pandox, the Swedish hotel investment group, reveals on a Microsoft Teams call that she has just taken up golf. Her favourite player? Rory McIlroy. Having just agreed to pay €1.4 billion for Dalata, Ireland's largest hotel group, Nõu has displayed the touch of a master. Even Alf Smiddy, a senior independent director at Dalata up to 2021, and a critic of the proposed deal, saluted Pandox and its largest shareholder, Eiendomsspar, for the 'textbook execution' of a takeover bid. 'They played a blinder — confident, fast, savvy and strategic,' Smiddy posted on LinkedIn last week. He is dismayed, however, at the 'surrender of the Dalata board'. Eiendomsspar, which owns 36 per cent of Stockholm-quoted Pandox, teed up the transaction. It built a stake in the owner of the Clayton and Maldron hotel brands in the wake of a capital markets day last October. Five months later, the board of Dalata announced a strategic review, including a formal sales process (FSP). 'That opened up the opportunity to Pandox,' Nõu says.
Irish Independent
16-07-2025
- Business
- Irish Independent
‘It's good I don't have an ego,' says Dalata CEO Dermot Crowley
Now the Cork native is looking forward to taking a breather and watching his home county take on Tipperary next Sunday in Croke Park in the All-Ireland hurling final. But does the sale of the hotel group he has helped steer for the past 13 years feel like a victory? Crowley says it does. He sees it as an opportunity to give Dalata the kind of access to growth capital that it struggled to secure when it was distinctly under-loved by investors. 'I get to spend more time on the normal day job and back to what I really enjoy,' said Crowley, who has been in and out of the hotel business over the past 25 years. An accountant, he was the head of development at Jurys Doyle from 2000 to 2006. He joined Dalata in 2012 from Ion Equity as its deputy chief executive, helping to navigate it towards a 2014 stock market flotation. He became CEO in November 2021. He stands to make at least €5.5m before tax from the sale of Dalata via the sale of his directly-held shares. When his conditional long-term incentive plan shares are included – under Dalata's plan they vest in a takeover scenario – that will mean an additional €4.2m. He points out that Dalata has a busy development pipeline, with two hotels under construction in Edinburgh, another in Madrid, one in Berlin that opens next year, and projects in Dublin such as a Croke Park venue. 'There's a huge amount of development going on and that's really exciting,' he said. Dalata's board had argued, when launching a strategic review in the spring, that its share price didn't reflect the inherent value of the business. The review was a way of unlocking that value. Crowley, who will report to the Scandic CEO Jens Mathiesen when the deal is done, insists he has no intention of leaving Dalata in the foreseeable future. 'It's good I don't have an ego,' he said. 'My initial responsibility now as CEO of Dalata is first of all, to make sure this deal goes through, and then to make sure the transition into new ownership is smooth. Ultimately, it's to see the Maldron and Clayton brands grow.'
Irish Times
15-07-2025
- Business
- Irish Times
Financial and healthcare stocks drag down European shares
European shares ended lower on Tuesday, dragged down by heavyweight financial and healthcare stocks as investors awaited news on a potential US-EU trade deal while assessing the latest US inflation data. DUBLIN The Iseq All-Share index ended the session narrowly in the black, up 0.06 per cent at 11,262.29, on Tuesday. Hotel group Dalata closed down 2.6 per cent to €6.37 after a Scandinavian consortium reached an agreement to buy the business for €1.4 billion. READ MORE Permanent TSB was 1.91 per cent weaker on €2.05 after news broke early in the day that NatWest Group had sold its remaining 11.65 per cent shareholding in the bank, raising €126 million. Ryanair also fell, giving up 0.88 per cent to €23.57 on the day, alongside healthcare services group Uniphar which dropped 1.08 per cent, continuing losses from yesterday. Irish Ferries brand owner Irish Continental Group was the strongest performer on the index, closing up 1.44 per cent to €5.64. Gains by bankers kept the market in the green, with AIB rising 1.19 per cent and Bank of Ireland adding 1.25 per cent. LONDON The FTSE 100 retreated from record highs as rising US inflation raised concerns about the impact of tariffs. Investors also focused on the Bank of England's monetary policy path. The blue-chip FTSE 100 dropped 0.7 per cent to 8,938.32, having crossed the 9,000 mark for the first time earlier in the day, while the domestically oriented FTSE 250 index fell 0.2 per cent. British stocks have largely shrugged off concerns about chaotic US trade policies, with the UK being the first country to secure a trade deal with the United States. Among individual stocks, GSK fell 1.5 per cent after the US Food and Drug Administration raised safety concerns that the drugmaker's blood cancer drug Blenrep, when used in combination with other treatments, may cause eye damage in patients. Experian rose 4.3 per cent after the credit data firm reported 8 per cent organic revenue growth in its first quarter and reaffirmed its annual forecasts. Britain's largest home builder Barratt Redrow slumped 8.9 per cent after it said home completions missed expectations for fiscal 2025. EUROPE The pan-European STOXX 600 index fell 0.36 per cent. Several big European defence stocks were weaker after US President Donald Trump threatened to impose stiff economic penalties on Russia if it doesn't end hostilities with Ukraine within 50 days. The threat came as he pledged fresh weapons supplies for Kyiv. Rheinmetall dropped 2.77 per cent and Dassault Aviation fell 2.47 per cent. In the euro zone, the banking index slipped 1.1 per cent. Germany's Commerzbank, Italy's Banco BPM and France's Société Générale each fell more than 2 per cent Healthcare also lagged, with Danish drugmaker Novo Nordisk sliding 2.3 per cent. Ericsson reported upbeat results but the Swedish telecom equipment maker's shares declined 7.7 per cent after it warned that tariffs could crimp its margin growth. Danish offshore wind developer Orsted gained 8.3 per cent after Morgan Stanley raised its rating to 'overweight' from 'equal weight'. Accelleron rose 8.7 per cent to a record high after the engine components maker increased its revenue forecast for 2025. NEW YORK The Nasdaq cruised to a fresh record high in midafternoon trading on Tuesday, powered by a jump in Nvidia, while the S&P 500 hovered below its peak as investors digested an inflation report and a flurry of big bank earnings. AI-chip leader Nvidia was higher after unveiling plans to resume sales of its H20 AI chip to China. Other chipmakers also advanced, including Advanced Micro Devices and Super Micro Computer. The gains led the technology sector to a record high. JPMorgan Chase slipped despite raising its 2025 net interest income outlook, while Wells Fargo fell even as its profit rose on reduced loan-loss reserves. BlackRock notched a new milestone, managing a record $12.53 trillion in assets amid optimism over trade deals and rate cuts, yet its shares were also weaker. The KBW Bank Index sank to a two-week low, but Citigroup bucked the trend by climbing after its traders delivered a windfall that boosted second-quarter profits. – Additional reporting, Reuters, PA.
Skift
15-07-2025
- Business
- Skift
Pandox Consortium to Buy Dalata Hotel for $1.6 Billion
Ireland's largest hotel operator, Dalata, is exiting the public markets. The deal has a good chance of introducing Scandic Hotels to the UK and Ireland markets as manager of most of the hotels. Dalata Hotel Group, Ireland's largest hotel owner and operator, has agreed to a €1.4 billion (about $1.6 billion) sale to a Scandinavian consortium led by Pandox AB and Eiendomsspar AS. The deal, announced Tuesday, will split Dalata's real estate holdings from its hotel operations and follows a strategic review launched earlier this year. It includes 56 hotels and more than 12,000 rooms across Ireland, the UK, Germany, and the Netherlands, operating under the Clayton and Maldron brands. "Dalata's portfolio consist
RTÉ News
15-07-2025
- Business
- RTÉ News
Dalata Hotel Group agrees to €1.4 billion takeover deal
Scandinavian property companies Pandox and Eiendomsspar have agreed to buy Ireland's largest hotel group Dalata Hotel Group for €1.4 billion, the companies said today. Dalata shareholders will get €6.45 in cash per share, representing a premium of about 12% to the closing price on June 2 - the day before the Scandinavian hotel investors first disclosed their interest in the Irish company. Dalata had rejected an initial proposal in early June from Pandox and Eiendomsspar, valuing it at €1.3 billion, saying that the price undervalued the group. The latest offer, which has the backing of the board, concludes the Dublin-based company's strategic review that was launched in March to drive up shareholder returns. The cash offer of €6.45 per share also represents a 35.5% premium to the Dalata share price before the launch of its strategic review and formal sale process in March and a 49.7% premium to the 12 month volume-weighted average Dalata share price. Sweden-based Pandox will own 91.5% of the entity taking over Dalata, while Norway-based Eiendomsspar will own 8.5%, the companies said in a statement. Pandox's long-term operating partner, Scandic Hotels Group AB, will become an operating partner for the existing Dalata portfolio, they added. Dalata operates 55 hotels under the Maldron Hotel and Clayton Hotel brands, mostly in Ireland and the UK, and aims to open new hotels in Europe including in Berlin and Madrid. It launched a strategic review in March to explore options for enhancing shareholder value, including a potential sale. The Dalata Board said it believes the acquisition is in the best interests of Dalata shareholders and represents the most effective route to enhance value for shareholders, relative to Dalata's other strategic options which have been considered as part of its strategic review. Dalata said it will retain its staff, management team and Dublin headquarters as it continues to expand as an international hotel group. Dermot Crowley, CEO of Dalata, said the deal represents an exciting new chapter for Dalata in which it will become part of a larger hotel platform and will further accelerate its growth. He said the deal was a "very good fit" as it gives Pandox a large portfolio in Britain and Ireland, and Dalata better access to capital and a larger platform to accelerate growth. Dalata will continue to target new properties in the United Kingdom and Western and Southern Europe, he added. "Our focus remains firmly on our people and our customers. I'm proud to continue to lead our team in close partnership with our new owners. Together, we will unlock new opportunities for the Clayton and Maldron brands as we continue to expand as a leading international hotel company," the CEO added. John Hennessy, Chair of Dalata, said that after a thorough and rigourous strategic review, incorporating a formal sales process, the board has determined unanimously that this transaction delivers compelling value and represents the best available strategic option for shareholders. "We believe that it is the right path forward for all stakeholders, and that it positions the business strongly for its next phase of growth under new ownership," the said. "The value achieved reflects the hard work and professionalism of the exceptional people working in Dalata now and in the past, and we extend our sincere gratitude to everyone in the Dalata Group and to all who have contributed to the journey so far. We look forward to the company's continued success into the future," he added. Pandox CEO Liia Nõu said the portfolio consisted of "well-established and highly profitable four-star hotels in strong locations" that would increase its footprint in key markets. Sweden-based Pandox specialises in the ownership, development and leasing of large hotel assets in major cities across Sweden and northern Europe. It has been expanding its portfolio through acquisitions and leases in key European cities including Stockholm, Berlin and Brussels and its portfolio consists of 163 hotel properties with about 36,000 rooms across 11 countries in Northern Europe. Eiendomsspar is one of the largest real estate owners in Norway and it owns 11 hotels in Norway, with another two hotels under construction. Eiendomsspar controls about 36% of the voting shares of Pandox.
