Cleary Gottlieb is representing Accor SA (Accor) in its off-market block purchase of 2.77% of its share capital from Jinjiang International.
This share repurchase, which will amount to €275 million, is part of the €400 million share buyback program of Accor for 2024. Following the transaction and cancellation of the repurchased shares, Jinjiang International’s stake in Accor will be reduced from 7.96% to 5.33% of the share capital.
This transaction will result in all Accor’s shareholders benefiting from an accretive effect on their shareholding and further consolidates Accor’s shareholding, while allowing Accor to retain significant financial flexibility to ensure the group’s future development and return to shareholders.
The share repurchase, which will be carried out through an off-market block trade, should be finalized in the next few days.
Accor is a world leading hospitality group offering experiences across more than 110 countries, over 5,500 properties, 10,000 food & beverage venues, wellness facilities, or flexible workspaces.