AccorHotels Now Own, Directly and Indirectly, 85.84% of Orbis’ Share Capital

Main Photo: Ibis Styles Hotel Wroclaw

Date: February 2019

Location: Poland and Central and Eastern Europe – 16 countries

Name: Orbis Hotel Group

No. of Keys: 200,000+ in 130 hotels

Seller: Orbis

Buyer/Owner: AccorHotels confirms the results of the 2018 tender offer for Orbis shares.

AccorHotels confirms today the final number of shares in Orbis subscribed for in the tender offer following the completion today of the share purchase transaction.

Investors have submitted 15.3 million shares in Orbis at an offer price of PLN95.0, for a total consideration of PLN1,451 million (€338 million) constituting 33.15% of the share capital of Orbis.

Following the settlement of the Offer, which will take place on Monday 28 January 2019.

In November 2018, Accor wanted to acquire the full 47.3% it didn’t then own.

At that time Accor made an offer to buy out the remaining shares with the bid valued at around €442 million.

Warsaw-based Orbis is the largest hotel operator in Central and Eastern Europe and is the exclusive master franchisee of Accorhotels brands Sofitel, Pullman, MGallery, Novotel, Mercure, Ibis, Ibis Styles and Ibis Budget in the region.

The group said the transaction would allow it to “consolidate its leadership in Central Europe and improve optionality on Orbis’ asset portfolio management, including replication of the active asset management strategy implemented by Accorhotels for several years”.

Commenting on the news Sebastien Bazin, Chairman and CEO of Accorhotels said: “Accorhotels and Orbis have built a long-term partnership since their first business agreement 45 years ago. As its largest shareholder since 2000, Accorhotels has fully supported Orbis’ growth in Poland, then across Central Europe since 2014, where Orbis has become today a formidable leader.

THPT Comment: This follows the previous position whereby Accor owned 50% of Orbis since 2008.

First Seen: Accor website

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