An international consortium led by Chinese state-owned hospitality and travel group Jin Jiang International Holdings Co. Ltd. signed a deal with Radisson Hospitality Inc. to acquire a 51.15% stake in Belgium-based Radisson Hospitality AB for 35 Swedish kronor per share.

The consortium is also acquiring a further 18.50% stake in Radisson Hospitality AB from HNA Sweden Hospitality Management AB, an indirect wholly owned subsidiary of HNA Tourism Group Co. Ltd.

Further, the consortium plans to buy all shares in Radisson Holdings Inc. from HNA Hotel Group (Hong Kong) Co. Ltd. and HNA Sweden following the closing of the above deals.

Bloomberg News had reported earlier that Jin Jiang was in the early stages of considering a bid for Radisson. HNA was reported to be considering a Radisson sale in June.

The deals are expected to close by the end of 2018, subject to regulatory approvals and customary closing conditions.

The entire transaction is valued at US$2 billion, the South China Morning Post reported. London's Financial Times also reported on the deal, which values Radisson Hospitality at about 6 billion kronor. The FT said the per-share price of 35 kronor is about 1 kronor less than Radisson's closing price Aug. 8.

Jin Jiang also conducts business with or owns stakes in global hotel groups such as AccorHotels, Marriott International Inc., Hilton Worldwide Holdings Inc. and InterContinental Hotels Group PLC. The South China Morning Post said it has been on an overseas expansion as Chinese tourists widen their destination pool. The deal would make Jin Jiang the seventh-largest hotel company in the world with 344,000 rooms, the report noted, citing STR.

J.P. Morgan Securities (Asia Pacific) Ltd. served as exclusive financial adviser to a wholly owned subsidiary of HNA Group Co. Ltd. on the transaction.

As of Aug. 9, US$1 was equivalent to 8.98 Swedish kronor.