Accor Divests Stake in Carlson Wagonlit Travel
27 Abril 2006 - 3:30AM
PR Newswire (US)
PARIS, April 27 /PRNewswire-FirstCall/ -- As part of the strategic
review of its business portfolio, Accor Group has signed an
agreement to sell for US$ 465 million its entire 50% interest in
Carlson Wagonlit Travel (CWT) to Carlson Companies and One Equity
Partners LLC (OEP), a private equity affiliate of JPMorgan Chase
& Co. Accor Group and Carlson Companies had each owned a 50%
interest in CWT since 1997. As part of the transaction, Accor and
CWT have signed a three-year, renewable strategic partnership
designed to secure preferred distribution of Accor hotels by CWT.
At the same time, Accor has confirmed CWT as the Group's preferred
travel agency. Following the disposal, Carlson Companies will own
55% of CWT and OEP 45%. Among other things, the transaction is
subject to regulatory approval by European and US competition
authorities, expected in the next few weeks. "This divestment,"
said Gilles Pelisson, "is the first step to the refocusing on our
two core businesses: hotels and services. It is perfectly aligned
with the new strategic direction announced by the Group". With
168,000 employees in 140 countries, Accor is the European leader
and one of the world's largest groups in travel, tourism and
corporate services, with two major international activities: -
Hotels with the Sofitel, Novotel, Mercure, Suitehotel, Ibis, Etap
Hotel, Formule 1, Motel 6 and Red Rood Inn brands: over 4,000
hotels and 470,000 rooms in 90 countries, as well as other
businesses (restaurants notably Lenotre, casinos and travel
agencies) ; - Services to corporate clients and public
institutions: 21 million people in 35 countries use a broad range
of services (food vouchers, people care and services, incentive,
loyalty programs) engineered and managed by Accor Services.
Contacts Eliane Rouyer Anthony Pallier Senior Vice-President
Investor Relations Investor Relations and Phone:
+33-(0)1-45-38-86-33 Financial Communications Phone:
+33-(0)1-45-38-86-26 For further information about Accor, visit
http://www.accor.com/ DATASOURCE: Accor CONTACT: Eliane Rouyer,
Senior Vice-President, Investor Relations and Financial
Communications, Phone: +33-(0)1-45-38-86-26. Anthony Pallier,
Investor Relations, Phone: +33-(0)1-45-38-86-33
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