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AccorHotels to pursue €442m Orbis takeover

29 November 2018 by
AccorHotels to pursue €442m Orbis takeover

AccorHotels has announced plans to acquire the remainder of shares in Polish hotel operating company Orbis for €442m (£375.5m).

The French hotel company has notified the Polish Financial Supervision Authority of its intention to acquire the remaining 47.31% of shares it does not already own and intends to make an unconditional tender offer.

The offer would initiate the delisting of Orbis' shares from the Warsaw Stock Exchange. If on the completion of the offer AccorHotels holds at least 90% of shares, it said it intends to proceed with a squeeze-out of the minority shareholders of the company.

Through the transaction, AccorHotels intends 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. Its has a portfolio of 128 hotels in 16 countries.

Sébastien Bazin, chairman and chief executive 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. The proposed transaction will enable AccorHotels to accelerate its development in the region."

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