AccorHotels has signed an agreement with Mövenpick Holding and Kingdom Holding to
acquire Mövenpick Hotels & Resorts, for a cash amount of CHF560
million (€482 million).
The transaction implies a 14.9X 2019e
EBITDA multiple before synergies (including transaction costs),
and less than 10X pro forma 2019e EBITDA after run rate synergies
and committed development pipeline. The transaction will have an
accretive impact on group earnings from the first year.
in 1973 in Switzerland, Mövenpick Hotels & Resorts operates in 27
countries with 84 hotels (more than 20,000 rooms) and a
particularly strong presence in Europe and the Middle East.
Mövenpick Hotels & Resorts also plans to open 42 additional hotels
by 2021, representing almost 11,000 rooms, with significant
expansion in Middle East, Africa and Asia Pacific.
which has high-end expertise in the main hotel-related services,
employs more than 16,000 people worldwide.
Chairman and CEO of AccorHotels, said, “With the acquisition of
Mövenpick, we are consolidating our leadership in the European
market and are further accelerating our growth in emerging
markets, in particular in Middle East, Africa and Asia-Pacific.
The Mövenpick brand is the perfect combination of modernity and
authenticity and ideally complements our portfolio. Its European-Swiss heritage is a perfect fit with AccorHotels. By
joining the group, it will benefit from AccorHotels’ power,
particularly in terms of distribution, loyalty-building and
development. This transaction illustrates the strategy we intend
to pursue with the opening up of AccorInvest’s capital: to seize
tactical opportunities to strengthen our positions and consolidate
our leaderships, as well as leverage our growth.”
This acquisition further
consolidates the current footprint in Europe and in the Middle
East and accelerates growth notably in key regions where the group
has been established for many years, such as Africa and Asia.
The transaction is subject to regulatory approvals. It should be
completed during the second half of 2018.