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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.

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

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

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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