Accor Spin-off of Services Business (Edenred)

July 2, 2010

Cleary Gottlieb represented Accor and Edenred in the spin-off of Accor’s Services business (Edenred), which was approved by Accor’s Shareholders’ meeting on June 29, 2010 and completed on July 2, 2010 with the admission to trading of the Edenred shares on Euronext Paris. The implementation of the spin-off also involved the negotiation of new financing arrangements for Edenred.

With 4,100 hotels in 90 countries and 145,000 employees, Accor’s hospitality business is a European market leader and global hotel manager, with a unique foundation in the mid-scale to economy segments. Edenred is the global leader in the market for employee and public prepaid benefits (primarily through the issuance of meal and food vouchers such as the French “Ticket Restaurant”), and one of the leaders in the market for performance products, meaning prepaid products and services that improve the performance of organizations such as companies, associations and public authorities (for example, a card that employees use to buy fuel for company cars, allowing the company to monitor the expenses).