Skift Take

AccorHotels is now one step closer to purchasing the Fairmont, Raffles, and Swissotel brands for $2.9 billion.

AccorHotels, Europe’s largest hotel operator, received antitrust clearance approvals in all relevant jurisdictions today, allowing it to proceed with its $2.9 billion acquisition of FRHI Holdings, the parent company of the Fairmont, Swissotel, and Raffles hotel brands.

Within the next few weeks, AccorHotels will hold a shareholders meeting to approve a reserved capital increase, as well as Board appointments from the Qatar Investment Authority and Kingdom Holding. Following shareholder approval, the FRHI deal is expected to close by mid-year.

AccorHotels has been on a bit of a buying spree as of late, investing in a variety of vacation rental companies and purchasing London’s Onefinestay for $168 million.

The Paris-based company generated revenue of approximately $1.32 million for the first quarter of 2016, an increase of 1.9 percent like for like, but down 5.2 percent compared to the first quarter of 2015.

 

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Tags: accor, fairmont, mergers and acquisitions, raffles, swissotel

Photo credit: The Claremont Fairmont in Berkeley, California. Fairmont Hotels