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Oyo, based in India, has tried for years to gain traction in the U.S., but it has claimed that competitors have played hardball. It's now betting that buying a network is its best way to gain scale fast.
Oyo, the India-based hotel giant, has agreed to acquire the Motel 6 and Studio 6 hotel brands from Blackstone for $525 million in an all-cash deal, Blackstone said in a press release.
The big picture: This acquisition marks Oyo's second attempt to expand in the U.S. market ahead of the Softbank-backed startup's ongoing effort to go public in India.
Oyo CEO and co-founder Ritesh Agarwal confirmed the deal to Skift. The Wall Street Journal was firs