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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.”
