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The Waldorf-Astoria Hotel
Headquarters: McLean, Virginia
Bought By: Anbang Insurance Group
Headquarters: Beijing, China
If you’re making a trip to New York, staying at the Waldorf-Astoria is a true taste of luxury. Not only is it an institution, but it’s also a part of American history. While the company is managed by Hilton Worldwide, it was bought by the Anbang Insurance Group of China in 2014 for $1.95 billion.
The Waldorf-Astoria Hotel ©Sergey Kohl / Shutterstock.com The Waldorf-Astoria Hotel ©Sergey Kohl / Shutterstock.com
That extravagant price made it the most expensive hotel ever sold. Anbang made some big changes to the Astoria, including making some of the rooms into condos. This Chinese company has also looked at buying several other American-owned businesses over the years, including Starwood Resorts.
While The Waldorf might be owned by China, it’s good to know that Hilton has a hand in the day-to-day operations. Hilton itself is a well-established, iconic American brand that the public knows, loves, and trusts – that goes a long way in this day and age. But, Hilton isn’t exactly 1005 American-owned, either.
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IBM: Personal Computer Divison
Headquarters: Armonk, New York
Bought By: Lenovo
Headquarters: Quarry Bay, Hong Kong
As far as technology companies go, IBM has gone from strength to strength to dominate the market. Since its conception in 1911, the business has gone on to work on computer hardware, software, consulting services, invent the floppy disc, and more. The advancements the company has made are undeniable.
IBM ©LCV / Shutterstock.com IBM ©LCV / Shutterstock.com
Back in 2005, announced that its Personal Computer Division had been acquired by Lenovo, who paid $1.25 billion for the pleasure. The Chinese business poured a lot of money besides that into IBM too. According to the statement, “Additionally, Lenovo will assume approximately $500 million of net balance sheet liabilities for IBM.”
That kind of money is almost impossible for any business to refuse, even one as famous as IBM. Japan and China are known as technology meccas, so perhaps it makes sense that Lenovo would want to expand its reach even further.
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General Motors
Headquarters: Detroit, Michigan
Bought By: Shanghai Automotive Industry Corp
Headquarters: Shanghai, China
General Motors holds the distinction of being America’s largest automobile manufacturer. As such, it’s also one of the biggest companies of its kind in the entire world, which certainly makes it profitable and appealing.
General Motors ©Linda Parton / Shutterstock.com General Motors ©Linda Parton / Shutterstock.com
While General Motors isn’t entirely owned by a Chinese company, it does rely on its partnership with Shanghai Automotive Industry Corp to keep the money rolling in. Both of the companies formed a joint venture in 1998. SAIC sells companies under the General Motors name, even if customers don’t realize it. SAIC has its headquarters in Shanghai, while GM has theirs in Detroit.
At its core, General Motors still remains a very American brand with American values, but every company needs a helping hand sometimes. In this case, it’s a beneficial partnership that allows the brand to experience the best of both worlds.
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Spotify
Headquarters: Luxembourg, Stockholm, and NYC
Bought By: Tencent Holdings Ltd
Headquarters: Shenzhen, China
Spotify is such a part of everyday life now that it’s difficult to remember a time when we couldn’t listen to the songs we want at the drop of a hat. The company was first founded in 2006, providing listeners with a way to stream their favorite music. Although it came from Sweden, Spotify has traveled a lot since then.
Spotify ©norazaminayob / Shutterstock.com Spotify ©norazaminayob / Shutterstock.com
Back in 2017, Tencent Holdings and Spotify bought a stake in each other of roughly 10%. This joint venture helped Spotify crack into the Chinese market, while Tencent expanded its already large portfolio. It was a partnership of convenience for Spotify, who wasn’t strong enough at that point to dive into the Chinese market alone.
By partnering up with Tencent, aka one of the largest companies in the world, Spotify put itself at a distinct advantage. Tencent executives also have the uncanny ability to spot a successful venture from a mile off, so to them, it was just another day at the office.