four seasons atlanta
Four Seasons Hotel Atlanta/ Facebook

Bill Gates' investment firm is taking control of the Four Seasons luxury hotel chain after reaching a deal with Saudi Prince Alwaleed bin Talal's Kingdom Holding Co, according to a Wednesday statement.

The billionaire's firm, Cascade Investment LLC, will pay $2.2 billion in cash to boost its stake in Four Seasons Holdings to 71.25% from 47.5%. It is purchasing half of the existing 47.5% stake that Kingdom Holding company owns.

The transaction values Four Seasons at $10 billion and is expected to be completed in January. Four Seasons chairman Isadore Sharp, who founded the company in 1960, will keep his 5% stake.

"Cascade's increased investment reflects its strong belief and excitement for Four Seasons iconic brand," Four Seasons said in a statement. "Along with its long-standing investment partners, Cascade reaffirms its support for the vision and unique culture that will further distinguish Four Seasons as one of the world's leading luxury companies."

Bill Gates's investment firm first invested in Four Seasons in 1997 when the company was public. In 2007, Four Shares shareholders took the company private, with Gates and Alwaleed leading the deal.

Read the original article on Business Insider