Accor announces that it has concluded on March 11, 2024 a share purchase agreement to repurchase a block of 7 million of its own shares – representing 2.77% of its capital[1] – from Jinjiang International. The price per Accor share for this transaction is €39.22, i.e. at a discount of 3.0% compared to the closing price of March 11, 2024 of €40.43.

This share repurchase, which will amount to €275m, is part of the €400m share buyback program of Accor for 2024. The remaining amount of the share buyback program will be executed in the near future.

Following the transaction and cancellation of the repurchased shares, Jinjiang International’s stake in Accor will be reduced from 7.96% to 5.33% of the share capital. Jinjiang International has agreed to be bound by a 7 months orderly disposal provision applicable in case of a market trade.

This transaction will result in all Accor’s shareholders benefiting from an accretive effect on their shareholding and further consolidates Accor’s shareholding, while allowing Accor to retain significant financial flexibility to ensure the group’s future development and return to shareholders. The transaction will also have an accretive effect on Accor’ earnings per share of c. 1.5% on an annualized basis.

The Board of Directors of Accor unanimously approved the transaction. In accordance with the recommendation by the Autorité des Marchés Financiers DOC-2017-04, the Cabinet Ledouble represented by Madame Agnès Piniot and Madame Stéphanie Guillaumin, has been appointed by the Board of Directors as an independent expert responsible for issuing a fairness certificate.

Following its assessment of Accor’s share valuation, the independent expert concluded that:

  • from a financial point of view, the price of the repurchased Accor shares is fair for Accor and its shareholders;
  • the transaction does not impact the financial condition of Accor;
  • the transaction, carried out in the interest of Accor, will be accretive for its shareholders and treated as a related party transaction.

The share repurchase, which will be carried out through an off-market block trade, is not subject to any condition precedent and should be finalized in the next few days.

The transaction demonstrates both our strong confidence in Accor’ growth potential and our commitment to returning cash to our shareholders. It also is a mark of the friendly and trusted relationships between Accor and Jinjiang International, which we thank for their continuous support. Mr Sébastien Bazin, Chairman of the Board of Directors and CEO of Accor
We have been enjoying over the past years a trustful and respectful relationship with Accor and we are very pleased to have carried out this transaction. We continue to have strong confidence in the prospects of Accor. Mr. Qi Zhao, Chairman of Jinjiang International

1. Based on a total number of 252,289,352 Accor shares as of February 29, 2024.

About Accor, a world-leading hospitality group

Accor is a world-leading hospitality group offering stays and experiences across more than 110 countries with over 5,600 hotels and resorts, 10,000 bars & restaurants, wellness facilities and flexible workspaces. The Group has one of the industry's most diverse hospitality ecosystems, encompassing around 45 hotel brands from luxury to economy, as well as Lifestyle with Ennismore. ALL, the booking platform and loyalty program embodies the Accor promise during and beyond the hotel stay and gives its members access to unique experiences. Accor is focused on driving positive action through business ethics, responsible tourism, environmental sustainability, community engagement, diversity, and inclusivity. Accor's mission is reflected in the Group's purpose: Pioneering the art of responsible hospitality, connecting cultures, with heartfelt care. Founded in 1967, Accor SA is headquartered in France. Included in the CAC 40 index, the Group is publicly listed on the Euronext Paris Stock Exchange (ISIN code: FR0000120404) and on the OTC Market (Ticker: ACCYY) in the United States. For more information, please visit group.accor.com or follow us on X, Facebook, LinkedIn, Instagram and TikTok.

Charlotte Thouvard
Senior Vice President Group External Communications
Accor