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AccorHotels to acquire Movenpick in $567m deal

AccorHotels to acquire Movenpick in $567m deal
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Mubasher: AccorHotels has reached an agreement with Kingdom Holding to buy Movenpick Hotels and Resorts for CHF 560 million ($567 million).

“With the acquisition of Movenpick, 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 Sebastien Bazin said in a statement, as quoted by Reuters.

Movenpick was founded in 1973 in Switzerland and operates more than 80 hotels with a strong presence in Europe and the Middle East.

AccorHotels said the deal would add to group earnings from the first year and it expects it to close in the second half of 2018.