AccorHotels pays $1.2bn for Aus hotel group
International player AccorHotels has been advised on a scheme of arrangement to acquire all the shares in an Australia-based hotel group.
Firms: Baker McKenzie (Mantra Group Limited); undisclosed (AccorHotels)
Deal: AccorHotels acquired all the shares in Mantra Group Limited (Mantra).
Value: $1.2 billion
Key players: The Baker McKenzie team advising Mantra was led by partners Lauren Magraith (pictured), Guy Sanderson and Georgina Foster, with assistance from senior associate Jeanie Chang and associates Emily Hunter and Matthew De Cataldo.
Deal significance: Mantra, the largest Australia-based hotel and resort marketer and operator, accepted AccorHotels’ proposal to acquire all of its shares for approximately $1.2 billion in cash.
Mantra has over 20,000 rooms under management across Australia, New Zealand and Indonesia. Its key brands are Peppers, Mantra and BreakFree.
AccorHotels is an international travel and lifestyle group operating in 95 countries.
The deal valued Mantra shares at $3.96 each, with an implied enterprise value of approximately $1.2 billion.
“We were delighted to act for Mantra Group on this exciting transaction and for the opportunity to work with the Mantra team and their advisers in considering AccorHotel’s proposal,” said lead partner Lauren Magraith.
“Since their IPO in 2014, we have admired the way in which the Mantra team have continued to create significant value for their shareholders as a result of the successful operation and growth of the business, and this proposal from AccorHotels reflects the world-class quality of the Mantra management, business and brands.”
The transaction is expected to be completed around March 2018.
Pictured: Baker McKenzie partner Lauren Magraith