At the beginning of the year, Accor S.A. has announced that it intended to implement, over a two-year period, a share buyback program that would cover up to 10% of its share capital, i.e. 1,350 million euros based on the market capitalization as of end of February.

In this context, the AccorHotels Group has signed today with an investment services providera share buy-back agreement to implement a first tranche of this share buyback program.

Also read: H1 2018 results, AccorInvest, AF-KLM: AccorHotels planet on the move

According to this agreement, Accor undertakes to acquire Accor shares for a maximum amount of 350 million euros.

The purchase period provided in the agreement shall start on July 30, 2018 and end on January 31, 2019, without being shorter than 3 months. This price shall not exceed the maximum price of 70 euros set by the Combined Ordinary and Extraordinary Shareholders' Meeting of April 20, 2018.

In this context, the Group has decided to suspend the execution of its liquidity agreement for the duration of the program.

AccorHotels' business was very busy in the first half of 2018. The latter included the sale of a majority stake in AccorInvest, the integration of Mantra in Australia, Mantis in South Africa and Gekko in France. Consolidated revenue amounted to €1.46 billion, up 8.0% like-for-like and 3.0% as reported compared to June 30, 2017.