Accorhotels has informed the Polish Financial Supervision Authority that it intends to launch a tender offer for the acquisition of Central and Eastern European hotel operator Orbis.
The group already owns a majority share in Orbis, which is headquartered in Warsaw, Poland and is the largest hotel operator in its region. Orbis is also a franchisee of certain Accorhotels brands.
The Orbis portfolio comprises 128 hotels with 21,000 rooms in 16 countries operated under the Sofitel, Pullman, MGallery, Novotel, Mercure, ibis, ibis Styles and ibis Budget brands.
Assuming Accorhotels is successful in its bid, the overall cash consideration would amount to €442 million, according to the group.
Accorhotels says it will also ‘squeeze out’ any remaining minority shareholders in Orbis to obtain 100 per cent of its shares.
Sebastien Bazin, chairman and CEO of Accorhotels, said: “Accorhotels and Orbis have built a long-term partnership since their first business agreement 45 years ago. As its largest shareholder since 2000, Accorhotels has fully supported Orbis’ growth in Poland, then across Central Europe since 2014, where Orbis has become today a formidable leader. The proposed transaction will enable Accorhotels to accelerate its development in the region. In addition, it will enable Accorhotels to further implement its active asset management policy.”