Mubasher: AccorHotels has signed contracts with a number of investors including the Saudi Public Investment Fund (PIF) to sell a 55% stake in its subsidiary AccorInvest at a value of $5.4 billion (EUR 4.4 billion).
Saudi Arabia’s PIF, Singapore’s GIC Pte sovereign-wealth fund, Credit Agricole Assurances, Amundi SA, Colony NorthStar Inc. and other investors joined forces to acquire the majority stake in AccorInvest's property business, according to the Paris-based firm’s statement.
The final deal is expected to be completed during the second quarter of 2018, the statement added.
“Following the separation of AccorInvest into a stand-alone legal entity last summer, we are now gathering a round-table of leading investors,” AccorHotelsCEO and chairman Sébastien Bazin said.
“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,” Bazin added.
