ACCOR has announced its acquisition of a 28.9 per cent equity interest in Club Méditerranée, including the 21.2 per cent of shares held by Agnelli Group and 7.7 per cent held by Caisse des Dépôts et Consignations (CDC).
With the acquisition, Accor will become the core shareholder in Club Méditerranée, which enjoys forefront brand identity and expertise in the leisure segment. The transaction is subject to approval by the monopolies and mergers commissions.
The transaction will be based on an acquisition price of 45 euros for each Club Méditerranée share, for a total of 252 million euros, plus an earn-out clause, representing a maximum of 41 million euros as for the Agnelli Group and 550,000 Accor shares as for the CDC Group.
By becoming Club Méditerranée’s core shareholder, with the full support of its management, Accor will help the company to strengthen its profitability. Accor’s position as an industry leader in Europe and a major force in global tourism will also enable Club Méditerranée to successfully pursue its strategy of moving up-market and its development.
In creating this strategic partnership with Club Méditerranée, Accor, which operates out of 4,000 hotels, 200 leisure properties in 35 countries, is reaffirming its commitment to playing a leadership role in this growing segment that is certain to become increasingly structured. For many years, Accor’s strategy has been to offer a comprehensive range of products and services worldwide to business and leisure customers, who often overlap.
“We are confident in the Club Méditerranée management team and the chairman of its executive board, who have already gotten the company’s turnaround off to a good start. The closer ties offer interesting prospects for both companies,” said Jean-Marc Espalioux, chairman of the Accor management board, who emphasized “the image of leisure hotels, for which demand will inevitably increase, reflects favorably on all Accor hotels at a time when our properties want to tailor their offers more closely to the changing tastes of non-business, leisure and weekend customers.”
TTN is the most established trade publication in the Middle East distributed on a controlled circulation basis to members of the travel and tourism industry.
Published monthly by Al Hilal Publishing and Marketing Group, the region’s foremost trade publisher, TTN is aimed at professionals in the industry, from travel agents to airline and hotel personnel.
TTN provides in-depth and extensive coverage of relevant issues in the Middle East and North Africa as well as in other parts of the world. Travel related news, analysis, and new appointments together with information on up-coming exhibitions, marketing and promotional campaigns are presented in an innovative and striking colour tabloid.
Every issue also contains a collation of international and regional news and topical features of interest to readers.