Dalata has confirmed a deal to buy the Moran & Bewley's hotel group for €455m.
The purchase will be paid for by Dalata through cash, €280m in debt, and the issue of 10pc of its issued share capital to the vendors. Those shares will then be placed by Davy Stockbrokers with clients.
Dalata, already the biggest hotel group in the country, will seek shareholder approval for the acquisition at an extraordinary general meeting on January 5. The Competition and Consumer Protection Commission will have to approve the deal too.
Tom Moran (inset)and his family will be retaining the Red Cow Moran Hotel in south west Dublin as part of the transaction, buying the well-known property for an estimated €8m from Dalata.