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[Update] AccorHotels launches a takeover bid for Orbis and refinancing operations

AccorHotels plans to strengthen its hold in Eastern Europe and has announced changes in its capital.

During an investors' day, the group declared that its shift toward an "asset-light" model was nearly complete and presented two deux initiatives. A look at the the first of them:

Orbis, AccorHotels in Eastern Europe:

A project for a cash tender for 21,800,593 shares in Orbis that are currently not owned by AccorHotels, or 47.31% of its capital. Its portfolio includes 128 hotels (21,000 rooms) principally in Central Europe.

Sébastien Bazin, President and ceo of AccorHotels declared in November 2018: "AccorHotels and Orbis are partners since the initial commercial agreement 45 years ago. As principal shareholder since 2000, AccorHotels supported the growth of Orbis in Poland and then, from 2014, in the rest of Central Europe centrale, where Orbis has since become a leader. The proposed transaction will allow AccorHotels to amplify the growth of its brands in the region and pursue its asset management policy." 

The takeover bid will end January 23, 2019. To this day, investors have brought approximately 15.3 million shares in Orbis at thee price of 95.0 zlotys, for a total investment of 1,450 million zlotys (337 million euros) representing approximately 33.1% in the capital of Orbis. At the end of the takeover bid, AccorHotels will hold 85.8% of the capital in Orbis.

Refinancing operations:

  • Accor SA has announced it will spend 500 million euros in super subordinated notes and simultaneously the takeover of 900 million euros in super subordinated notes emitted in June 2014.
  • Issuance of senior benchmark bonds for a portfolio (between 500 million and 1 billion euros) along with a buyback offer from Crédit Agricole Corporate and Investment Bank on the Company's bonds for 900 million euros.

Accor SA confirms its desire to "maintain total amount of these hybrid bonds in circulation de ses obligations at the current volume, and the Company remains committed to maintaining hybrid capital as a permanent component of the structure of its capital."

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