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Acquisition   50,000 rooms

Mantra Group accepts $900 million Accor hotel deal

Mantra GroupAustralian No. 2 hotel company Mantra Group agreed to a A$1.18 billion ($920 million) buyout from Accor.

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READ MORE Australia's competition watchdog ACCC to probe Accor buyout of Mantra Group

The deal would give the combined group about 50,000 rooms or about 11 percent of Australia’s hotel market, according to IBISWorld statistics.

It comes as Australia’s hoteliers rush to build more rooms to meet growing demand.

France-listed Accor is offering A$3.96 per share, a 23 percent premium to Mantra’s last trade before the bid was announced on Monday.

The offer price is more than double Mantra’s A$1.80 issue price when it listed in 2014.

The merger needed clearance from the Foreign Investment Review Board and antitrust regulator the Australian Competition and Consumer Commission (ACCC), Mantra said.

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