AccorHotels has completed the sale of 57.8% of the capital of AccorInvest, and is looking again at possibly buying a stake in Air France KLM.
For AccorHotels, the sale of its investment arm results in a gross cash contribution of €4.6bn.
“By completing the sale of close to 58% of the capital of AccorInvest, we have successfully finalized the transformation process begun five years ago. The deal enables us to further accelerate the development of AccorHotels by focusing our resources and energy on strengthening our brand portfolio and our leadership position in key markets, and on pursuing our strategy of delivering innovation and excellence to our guests and hotel owner partners. With our new, primarily asset-light structure, we will be able to deploy our ambitious and disruptive vision of ‘augmented hospitality’ to the full,” said Sébastien Bazin, Chairman and CEO of AccorHotels.
Regarding investing in Air France KLM, the company said over the past years it had held discussions with Air France KLM with a view to develop joint projects, including an acquisition of a minority stake. However the discussions are at a "very early stage" and "there is n0 certainty that they will lead to any agreement nor any form of implementation."
The French government is considering selling its Air France stake and has received interest from the management of AccorHotels.
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