8 hours ago
Soho House closes in on $1.8bn take-private deal
Soho House, the operator of private members' clubs for the creative class, is reported to be nearing a $1.8 billion sale to a group of investors led by New York-based MCR Hotels.
Under the take-private deal, Soho House shareholders would receive $9 per share, a 17.8 per cent premium to the closing price of $7.64 on Friday, the Wall Street Journal reported.
The company, currently valued at $1.49 billion, floated on the New York Stock Exchange on July 14, 2021, at $14 a share. The company has struggled as a listed company, and the price has only been above the float price once. It has faced criticism about a loss of exclusivity and 'magic' after expanding.
The billionaire Ron Burkle, executive chairman of Soho House since 2012 and a controlling shareholder, is expected to roll over his stake, along with several other shareholders, the Journal said.
