Accor to Sell Majority Stake in AccorInvest for EUR4.4 Billion
February 27 2018 - 1:20PM
Dow Jones News
By Euan Conley
Accor SA (AC.FR) said Tuesday that it will sell a majority stake
in its real-estate division AccorInvest to a group of international
investors for 4.4 billion euros ($5.4 billion).
The French hotel company said it will initially sell 55% of
AccorInvest to a group that includes Saudi and Singapore sovereign
funds, Credit Agricole (ACA.FR), Colony NorthStar (CLNS) and Amundi
SA (AMUN.FR), as well as other investors.
"The entry of new shareholders and the deconsolidation of
AccorInvest will provide AccorHotels with substantial leeway to
enhance our dynamic growth and innovation strategy and create value
for shareholders," said Sebastien Bazin, Accor's chairman and
CEO.
The deal, which is subject to antitrust and regulatory
approvals, is expected to be finalized in the second quarter of
2018, Accor said.
Write to Euan Conley at euan.conley@dowjones.com
(END) Dow Jones Newswires
February 27, 2018 13:05 ET (18:05 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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