Saudi Wealth Fund Is Said to Seek 15% Stake in Accor's Unit - Bloomberg

Saudi Wealth Fund Is Said to Seek 15% Stake in Accor's Unit - Bloomberg:

"Saudi Arabia’s sovereign wealth fund is in talks to buy a 15 percent stake in Accor SA’s property business in a transaction that could value the unit at about 6.2 billion euros ($7.64 billion), according to people familiar with the matter.

Public Investment Fund, known as PIF, is buying a stake alongside Singapore’s state-owned GIC Pte, French asset manager Amundi SA and U.S. real estate investment trust Colony NorthStar Inc., the people said, asking not to be identified as the information is private. The group jointly aims to buy a majority stake in the AccorInvest business, though it wasn’t immediately clear how much PIF’s partners would each hold, they said. Accor shares jumped to the highest in almost two and a half years.

While discussions are in advanced stages, there’s no guarantee that an agreement will be reached, the people said. Representatives for PIF, GIC, Amundi and Colony NorthStar declined to comment."



'via Blog this'