PARIS Accor has sold its 49% stake in Lucien Barrière Hôtels et Casinos to France-based financial holding company Fimalac for €268 million.
For Accor shareholders, the transaction price is equivalent to the price offered in the proposed IPO, net of related costs. Under the terms of the agreement, Accor will sell 34% of Lucien Barrière to Fimalac for €186 million and the remaining 15% interest to Groupe Lucien Barrière for €82 million. The shares sold back to Lucien Barrière will then be cancelled and capital reduced.
Following these transactions, the Desseigne-Barrière family and Fimalac will own 60% and 40% of Lucien Barrière, respectively. The sale is expected to be completed during the first quarter, pending regulatory approvals.
“I’m very pleased to announce this agreement, which maximizes Accor’s shareholders interests while also completing our strategic refocusing on our core business” says Gilles Pélisson, chairman of Accor’s board of directors and a member of the board of directors of Lucien Barrière. “For Groupe Lucien Barrière, the partnership with Fimalac represents an ideal solution regarding industrial and shareholding perspective and will enable the Group to pursue its development in optimal conditions.”
Accor decided to sell its stake because it no longer considers Lucien Barrière to be a strategic asset. Proceeds from the sale will be used for debt reduction. Accor will receive the 2010 dividend on its Lucien Barrière shares, representing revenue of €7.35 million.
Lucien Barrière’s portfolio includes 14 hotels in France and one in Marrakech, totaling more than 2,000 guestrooms.