GIC Pte. Ltd., Public Investment Fund, Colony NorthStar, Inc. (NYSE:CLNS), Crédit Agricole Assurances S.A., Amundi (ENXTPA:AMUN) and other investors signed an agreement to acquire 55% stake in AccorInvest Group SA from Accor SA (ENXTPA:AC) for €4.4 billion on February 27, 2018. The €4.4 billion gross proceeds is an aggregated number by taking equity contribution, sales of shares and debt pulldown. The enterprise value of the transaction is €6.25 billion. The Accor Invest hotels would be operated by Accor SA under long-term contracts. AccorInvest reported revenues of €4 billion, total assets of €4.8 billion, EBIT of €522 million, EBITDA of €522 million and net income of €71 million for the year ended December 31, 2017. Under the terms of the agreements, the buyers made binding undertakings to carry out the transaction and Accor SA granted them exclusivity, pending works council consultation. The transaction will be submitted to a shareholders' meeting of AccorHotels for consultation and is subject to certain antitrust and regulatory approvals. As of April 20, 2018, the shareholders of AccorHotels approved the deal. The transaction is expected to be completed in the second quarter of 2018.

Stuart Boyd, Matthew Elliott and Celyn Evans, Jonathan Birks and Emma Flett of Kirkland & Ellis acted as legal advisors for GIC. Jean-Pierre Collet and Benoit Bernard of Reed Smith acted as legal advisors in the transaction. Mathieu Pigasse, François Kayat, Guillaume Molinier and Pierre Pasqual of Lazard Frères Banque SA and Guillaume Lorain, Arnaud Thibésart, Julien Honorat, Martin Duberga and Frédéric Chatillon of PricewaterhouseCoopers Corporate Finance France acted as the financial advisor to Accor SA. Anne-Valérie Attias-Assouline, Sandra Aron, Jérémie Schwarzenberg, Maxence Colcombet, Bernard Borrely, Charlotte de Beco, Amélie Filbien of PwC Société d'Avocats, Marcus Billam, Jean-Baptiste de Martigny, Ioana Nicolas, Alexandre Durand, Leila Dhouib, Pierre Zejma and Stanislas Darrois, Vincent Agulhon, Zoé Attali, Igor Simic, Elise Maillot of Darrois Villey Maillot Brochier, Frédéric Nouel, Didier Martin, Pierre-Adrien Vibert, Romain d'Innocente and Cléopha Thomann of Gide and Benjamin de Blegiers, Pierre-Benoit Pabot du Châtelard and Cédric Burford of Clifford Chance and Thomas Page, James Miller, Marc Berger, Liz Kelly and Grace Cassidy of CMS Hasche Sigle acted as legal advisors for Accor SA. Timo Engelhardt, Gabriel Burghardt, Ruprecht von Maltzahn, Jeannine Natalie Birr, Korel Kaplan, Adriana von Hardenberg, Sascha Konwalski, Annika Bilics, Andy Bruce, Marc Petitier, Simon Price, Edouard Le Breton, Abdel Abdellah, Miriam Dounas, Emilie Rochat, Laetitia Peyrat, Yeram Kim, Adriana von Hardenberg, Karen Xiong, Kathryn Griffiths, Kate Pearson, Géric Clomes, Nicolò Dall'Antonia, Sylvain Canard-Volland, Valentina Gariboldi, Sascha Konwalski, Laura von Samson-Himmelstjerna, Katharina Rickert, Prateek Andharia, Elyse Yap, Ana Morenes, Sebastian Biller, Ngiap Hong Koh, Angela Bruno, Anne Cognet, Jaymes Clark, Aurélie Mounier, Oscar Tuin, Nawel Belabdelouahab, Matthew Devey, Gabriel Burghardt, Alessandro Gemmo, Julie Sharp, Julia Pedraza, Ruprecht von Maltzahn, Peter Gumnior, Timo Engelhardt, Jolene Ang, Jeannine Natalie Birr, Jill Reijnen, Korel Kaplan, Sara Gil Garcia, Andrea Bertoni, Luis Suarez de Lezo, Joey The, Pierre Zelenko, Shang Ren Koh, Federica Barbero, Sara Arriaza, Annika Bilics, Maxime Le Bivic, Yuri Auffinger, Nicolas Gauzès, Julie Levavasseur, Irene Sanna, Mirela Popstoeva, Sonia Cissé, Jean-François Merdrignac of Linklaters acted as legal advisors for Public Investment Fund. Yannick Arbaut, Fabian Beullekens, Nadia Candelon, Mia Dassas, Safa Geimel, Laurent Goyer, Brice Henry, Xavier Jancène, Frédéric Jungels, Pascal Molinelli, Anne-Caroline Payelle, Eric Roturier, Jean-Christian Six, Ilya Vaneev of Allen & Overy LLP acted as a legal advisor for Colony NorthStar, Inc. Anne-Valérie Attias-Assouline, Sandra Aron, Jérémie Schwarzenberg, Maxence Colcombet, Bernard Borrely, Charlotte de Beco, Amélie Filbien, Guillaume Lorain, Arnaud Thibésart, Julien Honorat, Martin Duberga, Frédéric Châtillon and Frédéric Spielrein acted as legal advisors to GIC Pte. Ltd., Public Investment Fund, Colony NorthStar, Inc., Crédit Agricole Assurances S.A., Amundi and other private investors. J.P. Morgan acted as financial advisor to AccorHotels in the transaction. Rothschild & Co SCA acted as financial advisor to Accor SA . HVS acted as advisor in the transaction. Maarten de Bruin, Cees Graafland, Emile Bongers, Thierry Denayer, David Meijeren, Tim van Hemert, Joppe de Bruijn, Boris Cammelbeeck and Egbert Vroom of Stibbe acted as legal advisors to AccorHotels.

GIC Pte. Ltd., Public Investment Fund, Colony NorthStar, Inc. (NYSE:CLNS), Crédit Agricole Assurances S.A., Amundi (ENXTPA:AMUN) and other investors completed the acquisition of 57.8% stake in AccorInvest Group SA from Accor SA (ENXTPA:AC) for €4.6 billion on May 31, 2018. Accor will now hold 42.2% of the capital of AccorInvest.