AccorHotels completed the acquisition of 33% stake in Orbis for €337m.

Orbis in connection with a tender offer issued by its majority shareholder AccorHotels to purchase all outstanding shares in its share capital. The transaction is one of the largest tender offers launched in 2018 for shares of a company listed on the Warsaw Stock Exchange. In accordance with the preliminary results of the offer, investors submitted subscriptions for shares constituting approximately 33% of the share capital of Orbis for a total consideration of €337m ($373m). “Over the last decade, Orbis significantly increased its business, entered into new countries, developed its hotel portfolio by all operating modes, and became the regional leader. For the last 20 years, Orbis has been supported by Accor, our strategic partner, and shareholder. By splitting 2 businesses and signing a long-term management agreement we will be able to capitalize on a value of the asset-light part through its disposal to Accor. We will then focus all our attention on Orbis core business i.e. real estate operations, which is in its DNA. Once done, Orbis – a pure heavy asset player - with its portfolio of 72 owned hotels will be ready to start a new era of growth sharing the same strategy with a new shareholder.” Gilles Clavie, Orbis President and CEO.