Starwood Hotels confirms it got a huge buyout offer from a Chinese company

Starwood Hotels has made the news of acquisition by the Chinese insurer Anbang official, in a statement.

CNBC first reported Friday that the company signed a deal to be acquired for $78 per share in cash.

Marriott shares were little changed in pre-market trading, while Starwood shares jumped 4%.

More to come …

NOW WATCH: Take a tour of the $367 million jet that will soon be called Air Force One

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.