AccorHotels close to Mantra acquisition

Hotelier AccorHotels intends to acquire all of the issued capital in Mantra Group by way of a scheme of arrangement to be approved by Mantra shareholders.  
Under the terms of the agreement, AccorHotels will offer A$3.96 in cash for each Mantra share including any potential special dividend.
 
Mantra has 127 properties and over 20,000 rooms in hotels, resorts and serviced apartments across Australia, New Zealand, Indonesia and Hawaii under three key brands: Peppers (28 properties), Mantra (75 properties) and BreakFree (24 properties). It has more than 5,500 employees.
 
Sébastien Bazin, chairman and chief executive of AccorHotels said: "This operation will underpin our long-term growth in the Asia Pacific region. Mantra’s portfolio would offer AccorHotels additional accommodation formats and a strong customer base to complement our hotel portfolio in Australia. We are confident that the transaction terms are attractive for shareholders of both groups”.
 
The acquisition will be accretive to earnings per share in the first year of ownership pre-synergies. AccorHotels will pay A$1.3 billion. 
 
The transaction is subject to regulatory approvals, including from the Australian Foreign Investment Review Board, the Federal Court of Australia and the Australian Competition and Consumer Commission, as well as the approval of Mantra shareholders and other customary conditions. 
 
It is anticipated that subject to regulatory and shareholder approvals, the transaction should be  completed by the end of the first quarter 2018.
 

 

AccorHotels close to Mantra acquisition

Hotelier AccorHotels intends to acquire all of the issued capital in Mantra Group by way of a scheme of arrangement to be approved by Mantra shareholders.  
Under the terms of the agreement, AccorHotels will offer A$3.96 in cash for each Mantra share including any potential special dividend.
 
Mantra has 127 properties and over 20,000 rooms in hotels, resorts and serviced apartments across Australia, New Zealand, Indonesia and Hawaii under three key brands: Peppers (28 properties), Mantra (75 properties) and BreakFree (24 properties). It has more than 5,500 employees.
 
Sébastien Bazin, chairman and chief executive of AccorHotels said: "This operation will underpin our long-term growth in the Asia Pacific region. Mantra’s portfolio would offer AccorHotels additional accommodation formats and a strong customer base to complement our hotel portfolio in Australia. We are confident that the transaction terms are attractive for shareholders of both groups”.
 
The acquisition will be accretive to earnings per share in the first year of ownership pre-synergies. AccorHotels will pay A$1.3 billion. 
 
The transaction is subject to regulatory approvals, including from the Australian Foreign Investment Review Board, the Federal Court of Australia and the Australian Competition and Consumer Commission, as well as the approval of Mantra shareholders and other customary conditions. 
 
It is anticipated that subject to regulatory and shareholder approvals, the transaction should be  completed by the end of the first quarter 2018.