AccorInvest announces it has entered into a binding agreement for the acquisition of a 85.8% stake in Orbis S.A. from Accor. The acquisition will be implemented by way of a public tender offer expected to be completed by the end of March 2020.
The acquisition of Orbis, owner and operator of 73 hotels and 14,000 rooms in 6 countries across Eastern Europe allows AccorInvest to expand its European geographical footprint in very dynamic markets, and to strengthen its portfolio in the economic and mid-range segments. After this acquisition, AccorInvest portfolio will comprise more than 900 hotels and 135,000 rooms, for a total Revenue in excess of €4bn.
“We are thrilled to integrate Orbis which has a great portfolio of assets and a long-time expertise in real estate and lodging sectors across key markets such as Poland, Hungary and Czech Republic. This acquisition enables AccorInvest to reinforce its presence in Europe and confirm its position as the leading hotel owner & operator in Europe” said John Ozinga, CEO of AccorInvest.
The tender offer will be launched at a price of PLN 115 per share and is conditional only upon the antitrust approval of the European Commission. The subscription period of the tender offer is intended to be opened from 5 February 2020 to 5 March 2020. The closing of the transaction is expected to take place after the end of the subscription period. AccorInvest intends to acquire up to 100% of the company’s share capital.