Europe's biggest hotel group, Accor, has said that it is planning to sponsor a special purpose acquisition company (SPAC) to target acquisitions in the leisure, lifestyle and food sectors.
Expecting To Raise Approximately €300 Million
The company said in a statement that it is expecting the SPAC to raise approximately €300 million with a listing on Euronext Paris, and added that its own investment in the SPAC will not be material.
SPAC Information
A SPAC, which is also known as a blank check company or firm, is a shell company that raises money in an initial public offering (IPO) to merge with a privately held firm that then becomes publicly traded as a result.
Benefit From Accor's Network, Scale And Global Presence
Accor said that SPAC acquisition will benefit from the company's network, scale and global presence.
First Quarter Revenue Fall
The above news follows recent news that Accor's revenue fell 48% on a like-for-like basis during the first quarter of 2021 to €361 million.
News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.
