Riyadh – Mubasher: Saudi-based Kingdom Holding Co (KHC) and Mövenpick Holding have signed an agreement with France-based AccorHotels to sell Mövenpick Hotels & Resorts for a cash amount of SAR 2.191 billion (EUR 482 million).

KHC owns 33.3% stake in Mövenpick through a subsidiary, according to a statement on Monday to the Saudi Stock Exchange (Tadawul).

The transaction is subject to regulatory approvals and is expected to be finalised by the second half of 2018, whereas its financial impact cannot be specified currently, the statement added.

“With the acquisition of Mövenpick, we are consolidating our leadership in the European market and are further accelerating our growth in emerging markets, in particular in Middle East, Africa and Asia-Pacific,” AccorHotels CEO and chairman said.

Switzerland-based Mövenpick Hotels & Resorts has a presence in 27 countries around the world.

The Swiss hospitality group plans to open 42 additional hotels by 2021 with 11,000 rooms, with significant expansion in the Middle East, Africa and Asia-Pacific.

KHC’s stock inched down 0.11% to close Sunday at SAR 8.99.