Riyadh – Mubasher: The Saudi Public Investment Fund (PIF) is in talks with the France-based hotel operator, Accor, to acquire a 15% stake of its property business, informed sources stated on Wednesday.

The potential transaction may amount to SAR 28.65 billion ($7.64 billion), Bloomberg reported, citing the sources as saying.

The PIF plans to buy the majority stake in AccorInvest business in collaboration with Singapore-based GIC Pte, the French asset manager Amundi SA, and the US-based Colony NorthStar Inc., the sources added.

“While discussions are in advanced stages, there’s no guarantee that an agreement will be reached,” the international news agency added.

“Discussions are ongoing with tier-one French and international investors,” Bloomberg said, citing Accor's statement.