LVMH: Belmond shareholders approve acquisition by LVMH
(CercleFinance.com) - LVMH announces that Belmond Ltd's special general meeting, held on Thursday, has approved Belmond's proposed acquisition by LVMH, a transaction that was announced two months ago and which revealed an equity capital valuation of 2.
6 billion dollars.
Present in 24 countries, Belmond recorded sales of 572 million dollars for the 12 months to the end of September 2018, with an adjusted EBITDA of 140 million dollars. It owns or operates 46 hotels, trains and river cruises.
Thanks to this transaction, which remains subject to approval from competition authorities and which is expected to be closed by the end of June 2019, the French luxury goods giant intends to significantly strengthen its presence in the luxury hotels and hospitality.
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