(AOF) – Accor has entered into a share purchase agreement aimed at repurchasing a block of 7 million of its own shares – representing 2.77% of its capital – from Jinjiang International. The price per share of the hotel group for this operation is 39.22 euros, a discount of 3% compared to the closing price on March 11, 2024 of 40.43 euros. This share buyback, which will amount to 275 million euros, is part of Accor’s 400 million euro share buyback program for 2024.
The balance of the share buyback program will be executed shortly.
Following the transaction and the cancellation of the repurchased shares, Jinjiang International’s stake in Accor will be reduced from 7.96% to 5.33% of the capital. Jinjiang International has agreed to be bound by a 7-month orderly transfer clause applicable in the event of a sale on the market.
The transaction will have an accretive effect on Accor’s earnings per share of approximately 1.5% on an annualized basis.
The share buyback is expected to be finalized in the coming days.
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