Bill Gates, co-Founder of Microsoft. archive photo. | EFE

The American business magnate, Bill Gates, who’s one of the richest people in the world, is to take control of the Four Seasons Hotel Chain, which manages the Formentor hotel in Mallorca.

Cascade Investment LLC, who manage the Microsoft co-founder’s assets, has acquired the shares of Saudi Prince Alwaleed bin Talal, boosting its cut of the hotel chain from 47.5% to 71.25% and the deal is expected to close early next year.

The Formentor Hotel is undergoing extensive reforms and is scheduled to reopen in 2023 under the Four Seasons brand.