Accor has entered into a binding agreement to sell its 85.8 per cent stake in Orbis to AccorInvest.
The deal is priced PLN115 per share, corresponding to proceeds for Accor of PLN4.55 billion (€1.06 billion), 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 €286 million.
This sale will be implemented by way of a public tender offer, which will be filed today by AccorInvest with the Polish Financial Supervision Authority for all of the shares in Orbis’ share capital.
The closing of the transaction is expected to take place by the end of the first quarter 2020.
The hotel giant said the deal was the final part of its asset-light roadmap.
At the same time, the company announced a new share buyback.
After the repurchase of 7.5 per cent of its share capital, for €850 million, over the last 18 months, Accor said it would return a further €1 billion return to shareholders, to be executed over the next 24 months.
The figure will include circa €300 million to complete the 2018 share buy-back plan.
Sébastien Bazin, chairman and chief executive of Accor, explained: “By combining a two-year €1…