Jin Jiang seals $1.4b takeover of Louvre Hotels

One of China's largest hotels group has landed what is considered the country's largest deal yet since the China Securities Regulatory Commission eliminated the need last October for administrative approval of cash acquisitions by listed companies.

Shanghai Jin Jiang International Hotels Development Co Ltd has agreed to buy Europe's second-largest hotel group Groupe Du Louvre outright from the US investment firm Star wood Capital Group for up to 1.21 billion euros ($1.42 billion), according to a stock exchange filing from Jin Jiang.

The all-cash acquisition, first revealed in November, will be completed through Star wood Capital's affiliate Star SDL Investment Co. No more than 70 percent of this deal will be financed by bank loans, according to the filing.