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Mövenpick Holding and AccorHotels officialize the rumor

AccorHotels has announced, on Monday, an agreement with Mövenpick Holding and Kingdom Holding to acquire Mövenpick Hotels & Resorts for €482 million. The transaction will have an accretive impact on earnings from the first year.

The amount of the transaction (CHF 560 million) implies:

  • a 14.9X 2019e EBITDA multiple before synergies (including transaction costs),
  • less than 10X pro forma 2019e EBITDA after run rate synergies and committed development pipeline

Sébastien Bazin, Chairman and CEO of AccorHotels, said, “With the acquisition of Mövenpick, we are consolidating our leadership in the European market and are further accelerating our growth in emerging markets, in particular in Middle East, Africa and Asia-Pacific. The Mövenpick brand is the perfect combination of modernity and authenticity and ideally complements our portfolio. Its European-Swiss heritage is a perfect fit with AccorHotels. By joining the Group, it will benefit from AccorHotels’ power, particularly in terms of distribution, loyalty-building and development. This transaction illustrates the strategy we intend to pursue with the opening up of AccorInvest’s capital: to seize tactical opportunities to strengthen our positions and consolidate our leaderships, as well as leverage our growth.”

The transaction is subject to regulatory approvals. It should be completed during the second half of 2018. In addition, Mövenpick Holding will continue on its growth path with Mövenpick Fine Foods, Mövenpick Wein and Marché International.

On Friday, research and consultancy firm MKG published an analysis of the significant impact of the acquisition of Mövenpick Hotels & Resorts by AccorHotels. Thus, this takeover will enable AccorHotels to reach a total of 157,733 upscale and luxury rooms worldwide, or 2.5 times the number the group had just 3 years ago, on January 1, 2015.

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