Accor has entered into a binding agreement to sell its 85.8% stake in Orbis to AccorInvest at a price of PLN115 per share, corresponding to proceeds for Accor of PLN4.55bn (€1.06bn), in line with Orbis’ Gross Asset Value.
This completes the Orbis transaction, following the acquisition by Accor of Orbis’ Management and Franchise business last October for €286m.
This sale will be implemented by way of a public tender offer, which will be filed by AccorInvest with the Polish Financial Supervision Authority for all of the shares in Orbis’ share capital, at a price of PLN115 per share.
The closing of the transaction is expected to take place by the end of the first quarter 2020. Accor irrevocably committed to tender its 85.8% stake to the public tender offer, subject to antitrust clearance by the European Commission.
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The acquisition of Orbis, owner and operator of 73 hotels and 14,000 rooms in 6 countries across Eastern Europe allows AccorInvest to expand its European geographical footprint in very dynamic markets, and to strengthen its portfolio in the economic and mid-range segments, said AccorInvest in a statement.
After this acquisition, AccorInvest portfolio will comprise more than 900 hotels and 135,000 rooms, for a total Revenue in excess of €4bn.
“We are thrilled to integrate Orbis which has a great portfolio of assets and a long-time expertise in real estate and lodging sectors across key markets such as Poland, Hungary and Czech Republic. This acquisition enables AccorInvest to reinforce its presence in Europe and confirm its position as the leading hotel owner & operator in Europe” said John Ozinga, CEO of AccorInvest.
