AccorHotels Group's acquisition of FRHI Holdings Limited was approved by shareholders on 12 July 2016, finalizing a deal first announced in December 2015.
Under the terms of the $2.9-billion acquisition, the transaction with FRHI owners Qatar Investment Authority and Kingdom Holding Company of Saudi Arabia provided a €768-million ($854.2 million) cash payment and the issuance of 46.7 million AccorHotels shares in consideration for the contributed FRHI shares. The transaction gives Qatar Investment Authority and Kingdom Holding Company respective stakes of 10.4% and 5.8% in AccorHotels' share capital.
AccorHotels had 3,900 hotels and more than 500,000 guestrooms in its portfolio of 15 brands at the end of the first quarter of 2016, operating 31% under franchise agreements and 69% under management contracts. FRHI's three brands-luxury Fairmont and Raffles, and upper upscale Swissôtel-contributed approximately 115 hotels and 43,000 keys to the portfolio.
HNN will continue to update this page as developments occur.
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