Accor Sells GO Voyages
FEBRUARY 2, 2007. As part of the disposal of its non-strategic assets, Accor has sold GO Voyages to Financiere Agache Investissement (Groupe Arnault) and to GO Voyages management for 281 million euros, representing a capital gain of around 200 million euros.
To continue leveraging the synergies developed over the past four years between Accor and GO Voyages, a three-year, renewable marketing partnership has been formed to ensure the preferred distribution of Accor hotels by GO Voyages.
In 2006, GO Voyages contributed 118 million euros to Accor's consolidated revenue and 13 million euros to consolidated EBITDA.
The sale of GO Voyages illustrates the Group's refocusing on its core Hotels and Services businesses. It is part of the 500 million euros worth of non-strategic asset disposals announced by Accor, whose proceeds will be returned to shareholders.
Deutsche Bank acted as financial advisor to Accor in this transaction.
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