France´s Accor Divests Most of its Stake in Club Mediterranee

As part of the strategic review of its financial investments, French hotel group Accor decided to divest most of its stake in Club Mediterranee, 22.9 percent of the capital on a total stake of 28.9 percent.

Accor will sell in the near future, in its best interests, 6.9 percent of Club Mediterranee. In this context, an agreement has already been signed with Generali France for a stake of 1.5 percent.

“After the divestment of the Compass shares and the Carlson Wagonlit Travel stake” said Gilles Pelisson, director and Chief Executive Officer “this disposal is another step to the refocusing on our two core businesses: hotels and services. The 2 year old partnership between the teams of both groups has been productive in terms of synergies. Additional progress is expected in the coming years”.

In order to perpetuate the synergies achieved between both groups, Accor and Club Mediterranee signed a 3 year renewable purchasing and marketing partnership agreement. Accor will maintain a 6 percent stake in Club Mediterranee combined with a 2 year lock up period as part of the shareholders agreement.