In early March, the Australian Competition and Consumer Commission (ACCC) approved the takeover of Mantra Group by AccorHotels.
On May 31, AccorHotels announced that the acquisition of Mantra Group had been completed for a total amount of 1.3 billion Australian dollars, i.e. 830 million euros.
After getting the green light from Australian authorities, both parties were awaiting approval from the shareholders of Mantra Group, the Australian Federal Court and the Foreign Investment Review Board.
In Australia, AccorHotels is the leading hotel group with nearly 33,000 rooms, while Mantra Group occupies second place with nearly 15,000 rooms (see our previous analysis).
The group resulting from this acquisition represents approximately 19.4% of the country's hotel supply.
A few months earlier, Sébastien Bazin stated: "This operation will strengthen our growth in the Asia-Pacific region over the long term. Mantra's portfolio will give AccorHotels access to new forms of accommodation, a new clientele and will also complement our successful Australian hotel supply.
In turn, Peter Bush, President of Mantra Group, said, "As AccorHotels is one of the world's largest hotel operators, we are convinced that our company is in good hands.”