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April 30, 2018, 2:54 a.m. EDT

AccorHotels to acquire Movenpick Hotels & Resorts

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By Anthony Shevlin

AccorHotels SA (AC.FR) said Monday that it has signed an agreement to acquire Movenpick Hotels & Resorts from Movenpick Holding and Kingdom Holding for 560 million Swiss francs ($566.5 million) in cash.

The French hotel group said the acquisition will have an accretive effect on AccorHotels's earnings from the first year.

The transaction should be completed during the second half, subject to regulatory approvals, AccorHotels said.

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