Atlantis owner receives $4bn bid from Malaysian firm

14 October 2010

Kerzner International Holdings recieves buyout offer

A Malaysian investment firm has offered to pay up to $4bn for Kerzner International Holdings, the hotel company that built Atlantis in Dubai and the Bahamas, Bloomberg has reported. BMB Advisors Malaysia, a unit of BMB Group, sent a letter on Oct 11 to Sol Kerzner, founder of Kerzner International, offering to pay $3.4bn to $4bn for his Bahamas-based company, according to a copy obtained by the news service. “We see this as a very powerful brand,” BMB founder Rayo Withanage was quoted as saying. “If there’s going to be another Atlantis, it’s going to be in Asia.” Kerzner International also owns One&Only resorts, which operates two hotels in Dubai - the Royal Mirage and The Palm, which had a soft opening on October 10. The company was taken private in 2006 for $3.2bn, plus debt, by a group led by Kerzner himself. He partnered with Dubai World’s Istithmar, Whitehall Street Global Real Estate Limited Partnership 2005, Colony Capital, Providence Equity Partners and Related Cos.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications