Accor announced that it has reached a share repurchase agreement with Chinese state-owned hotel group Jinjiang in which the French hotelier repurchased 7 million of its own shares from Jinjiang, accounting for 2.77% of Accor's total share capital. At the buyback price of 39.22 euros per share, the total transaction value is about 275 million euros.
The announcement said that after the completion of the transaction, Jinjiang's shareholding in Accor will be reduced from 7.96% to 5.33%.
Until the end of last year, Jinjiang was Accor's largest shareholder with a 9.6% stake, but after the buyback it is expected to become the third largest, behind Qatar Investment Authority with 8.9%, and Saudi Arabia’s Kingdom Holding Company with 6.5 %.
