IHG Announces Acceptance of Offer for InterContinental Paris – Le Grand for €330m
8 December, 2014 – InterContinental Hotels Group (IHG) [LON:IHG, NYSE:IHG (ADRs)] today announces that it has accepted the offer from Constellation Hotels France Grand SA, an affiliate of Constellation Hotels Holding Limited, to acquire InterContinental Paris – Le Grand for €330 million ($406 million1). The terms of the transaction are unchanged from those announced on 7 August 2014.
IHG’s acceptance of the offer follows the conclusion of the information and consultation period with the relevant hotel employees’ representatives, and the execution of definitive legal documentation.
The transaction is expected to complete by the end of the first quarter of 2015, subject to the satisfaction of certain standard conditions. The proceeds will be used for general corporate purposes.
1 $ equivalents have been converted at current exchange rates with final $ amounts dependent on the exchange rate on the date of completion
SOURCE: InterContinental® Hotels & Resorts