Hotel BrandsProperty

AccorHotels buys out Mantra in £695m deal

Mantra Group is the second largest hotel group in Australia

AccorHotels today announced the signature of an agreement with Mantra Group with the view to acquire all of the issued capital in the company by way of a scheme of arrangement to be approved by shareholders.

Under the terms of the agreement, AccorHotels would offer AUD3.96 (£2.34) in cash for each Mantra share including any potential special dividend.

In total, AccorHotels will pay AUD1.3bn (£695m).

Mantra is one of Australia’s largest hotel and resort marketers and operators with 127 properties and over 20,000 rooms in hotels, resorts and serviced apartments across Australia, New Zealand, Indonesia and Hawaii.

Sébastien Bazin, chairman and chief executive officer of AccorHotels, said: “We are delighted to have come to an agreement to acquire the Mantra Group. This operation will underpin our long-term growth in the Asia Pacific region.

“Mantra’s portfolio would offer AccorHotels additional accommodation formats and a strong customer base to complement our successful hotel portfolio in Australia. We are confident that the transaction terms are attractive for shareholders of both groups.”

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Shekina Tuahene

Shekina is a multimedia journalist who has lived in London all her life. She is an alumnus of University of Greenwich and Brunel. Shekina loves to read, travel, socialise and listen to music. If you have any story or feature ideas, feel free to drop her a line.

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