AccorHotels redeems the australian group Mantra for 900 million euros

AccorHotels announced Thursday the signing of an agreement with the leaders of the australian group Mantra, who have accepted the takeover offer of about 900 million euros of the giant French hospitality. The agreement, which will be “subject to the approval of the shareholders” Mantra, focuses on the acquisition of the entire share capital, at a price of 3.96 australian dollars (2,65 euros) per share.

The text of the agreement, published by Mantra on its website, refers to an amount slightly lower, approximately $ 1.25 billion of australian debt included, 826 million euros at the current exchange rate.

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Higher profits for the australian group

If the shareholders of Mantra subscribe to the offer and that the australian authorities the validate, “it is anticipated that the transaction will be finalized at the end of the first quarter of 2018,” added AccorHotels in a press release, which ensures that this acquisition will have the effect of increasing the profits “in the first year”.

Mantra, a leading australian hospitality industry, operates 127 hotels, representing more than 20,000 rooms in Australia, New Zealand, Indonesia, and Hawaii. The group has a fleet of very varied residences hotel in the “resorts”. It has the brands Peppers, Mantra and BreakFree, and employs 5,500 people. Mantra was released in August net profit after tax of $ 45.6 million australian dollars for the year ended 30 June, up 22.7%.

European Leader in hotels, AccorHotels control, such as the brands Sofitel, Pullman, Novotel, Mercure or Ibis. It has 4.200 hotels with a total of around 600,000 rooms.

(With AFP)

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