Accor: 'signifcant progress' for disposal of Orbis

(CercleFinance.com) - The Accor group announced on Wednesday evening that it has made "significant progress" to sell Orbis.


Following Orbis' decision to separate its hotel services business (franchise agreements and management contracts) and its real estate assets, Accor agreed with Orbis key terms of the planned acquisition of the services business for 1.2 billion zlotys (E286 million). (...) Accor has also begun the process of disposing of its controlling stake in Orbis' share capital, and intends to approach selected entities in connection therewith," the group said.

Accor specifies that it will consolidate Orbis' real estate business as an asset to be sold under IFRS 5, as from the publication of its H1 2019 accounts.


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