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Bulletin: Accor Completes Its Asset-Light Roadmap And Engages In €1 Billion Return To Shareholders

Published Dec 20, 2019

3 pages (1324 words) — Published Dec 20, 2019

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Abstract:

LONDON (S&P Global Ratings) Dec. 20, 2019--S&P Global Ratings said today that it considers hotel group Accor S.A.'s (BBB-/Stable/A-3) asset-light strategy to be credit positive. That said, the completion of a number of asset sales with net cash proceeds of €1.3 billion (this includes net proceeds from Orbis of €730 million; net of the acquisition of the managed and franchised business and tax) and the announcement of a new €1 billion share buyback program will not affect our ratings on the company. Accor announced that it would sell: A 85.8% stake in Orbis to AccorInvest for Polish zloty (PLN) 115 per share, implying proceeds for Accor of PLN4.55 billion (€1.06 billion), before payments for taxes and the acquisition of the

Brief Excerpt:

...December 20, 2019 LONDON (S&P Global Ratings) Dec. 20, 2019--S&P Global Ratings said today that it considers hotel group Accor S.A.'s (###-/Stable/A-3) asset-light strategy to be credit positive. That said, the completion of a number of asset sales with net cash proceeds of 1.3 billion (this includes net proceeds from Orbis of 730 million; net of the acquisition of the managed and franchised business and tax) and the announcement of a new 1 billion share buyback program will not affect our ratings on the company. Accor announced that it would sell: - A 85.8% stake in Orbis to AccorInvest for Polish zloty (PLN) 115 per share, implying proceeds for Accor of PLN4.55 billion (1.06 billion), before payments for taxes and the acquisition of the managed and franchised business. This is in line with Orbis' gross asset value. - A 5.2% stake in AccorInvest for 204 million in cash. - A 5% stake in Huazhu for 376 million (net of cash proceeds). Accor is also restructuring its M÷venpick hotels' lease...

Report Type:

Bulletin

Ticker

AC@FP

Issuer

Accor S.A.

GICS

Hotels, Resorts & Cruise Lines (25301020)

Sector

Global Issuers, Structured Finance

Country

France

Region

United States

Format:

PDF

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MLA:	S&P Global Ratings’ Credit Research. "Bulletin: Accor Completes Its Asset-Light Roadmap And Engages In €1 Billion Return To Shareholders" Dec 20, 2019. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Accor-Completes-Its-Asset-Light-Roadmap-And-Engages-In-1-Billion-Return-To-Shareholders-2361784>

APA:	S&P Global Ratings’ Credit Research. (). Bulletin: Accor Completes Its Asset-Light Roadmap And Engages In €1 Billion Return To Shareholders Dec 20, 2019. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/Bulletin-Accor-Completes-Its-Asset-Light-Roadmap-And-Engages-In-1-Billion-Return-To-Shareholders-2361784>

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