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Accor has signed an agreement with Fimalac and Groupe Lucien Barriere for the sale of its 49% stake in Groupe Lucien Barriere for 268 million euros. In addition, Accor will receive the 2010 dividend on its Groupe Lucien Barriere shares, representing a total of 7.35 million euros.
After accompanying Groupe Lucien Barriere through the various stages of its development since 1989, Accor had confirmed its intent to sell its stake following the cancellation of the proposed IPO in September 2010. For Accor shareholders, the transaction price is equivalent to the price offered in the proposed IPO, net of related costs. Under the terms of the agreement, Accor will sell a 34% interest in Groupe Lucien Barriere to Fimalac for 186 million euros and a 15% interest to Groupe Lucien Barriere for 82 million euros. The shares sold back to Groupe Lucien Barriere will then be cancelled and capital reduced. Following these transactions, the Desseigne-Barriere family and Fimalac will own 60% and 40% of Groupe Lucien Barriere respectively. The sale is expected to be completed during the first quarter of 2011, once the competition authorities’ approval has been obtained.
“I’m very pleased to announce this agreement which maximizes Accor’s shareholders interests while also completing our strategic refocusing on our core business” said Gilles Pelisson, Chairman of the Accor Board of Directors and member of the Board of Directors of Groupe Lucien Barriere. “For Groupe Lucien Barriere, the partnership with Fimalac represents an ideal solution regarding industrial and shareholding perspective and will enable the Group to pursue its development in optimal conditions.”
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
