AccorHotels to acquire Mantra Group in Australia

AccorHotels To Acquire Mantra Group In Australia

AccorHotels to acquire Mantra Group in Australia

AccorHotels has signed an agreement with Mantra Group with the view to acquire all of the issued capital within the company by way of a scheme to be approved by Mantra shareholders. 

AccorHotels To Acquire Mantra Group In Australia

Under the terms of the agreement AccorHotels might offer AUD3.96 in cash for each Mantra share including any potential special dividend.

AccorHotels To Acquire Mantra Group In Australia

The offer cost represents a 23 per cent premium to the last close cost of AUD3.23 as at October 6th.

AccorHotels To Acquire Mantra Group In Australia

AccorHotels will pay AUD1.3 billion, equivalent to €0.9billion to complete the deal.

AccorHotels To Acquire Mantra Group In Australia

Sébastien Bazin, chairman, AccorHotels said: “We are delighted to have come to an agreement to acquire the Mantra Group.

AccorHotels To Acquire Mantra Group In Australia

“in which operation will underpin our long-term growth within the Asia Pacific region.

AccorHotels To Acquire Mantra Group In Australia

“Mantra’s portfolio might offer AccorHotels additional accommodation formats along that has a strong customer base to complement our successful hotel portfolio in Australia.

“We are confident in which the transaction terms are attractive for shareholders of both groups”.

Mantra will be one of Australia’s largest hotel along with resort marketers along with operators with 127 properties along with over 20,000 rooms in hotels, resorts along with serviced apartments across Australia, fresh Zealand, Indonesia along with Hawaii.

Chairman of Mantra, Peter Bush, said: “The AccorHotels offer represents an attractive proposition for Mantra along with for our shareholders along with the board unanimously recommends AccorHotels’ proposal. 

“AccorHotels will be one of the planet’s leading hotel operators along with we trust in which our business will be in not bad hands. 

“Mantra’s strong expertise in apartments, in particular, along with our presence in resort locations are very complementary to the AccorHotels operations in Australia along with fresh Zealand. 

“The combined business will be an important part of Australia’s strong along with growing tourism market along with its customers will benefit via the market leading expertise of both groups.”

Properties in Mantra’s portfolio range via luxury accommodations along with coastal resorts to serviced apartments in city along with key leisure destinations, under three key brands: Peppers (28 properties), Mantra (75 properties) along with BreakFree (24 properties).

Mantra also manages core accommodation services including guest relations along with reception areas, restaurants along with bars, conference along with function centres, pool along with entertainment facilities along with offices.  Mantra has more than 5,500 employees.

AccorHotels along with Mantra’s combined geographic footprint, together with enhanced distribution along with systems, might form a favourable base via which AccorHotels can expand further within the region. 

Mantra’s expertise in apartment management, in particular, will offer a fresh opportunity for growth.

AccorHotels to acquire Mantra Group in Australia

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