Accor completes Orbis share purchase

15 February 2019 by Katherine Price

AccorHotels has acquired 15.3 million shares in Polish hotel operating company Orbis for €338m (£296m).

The acquisition, constituting 33.15% of Orbis's share capital, takes Accor's share ownership up to 85.84% of Orbis as of 28 January 2019, however falls short of its intended takeover bid.

AccorHotels announced its intention to acquire the remainder of shares in Orbis last year for €442m (£375.5m), to make an unconditional tender offer and, if it should acquire at least 90% of shares, to proceed with a squeeze-out of the minority shareholders of the company to "consolidate its leadership" in Central Europe.

Orbis is the largest hotel operator in Central and Eastern Europe and the exclusive master franchisee of certain AccorHotels brands in the region. It has a portfolio of 128 hotels in 16 countries.

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