Acquisition GLBFimalac Développement, the vehicle for Fimalac's diversified activities, is acquiring a 34% stake in Groupe Lucien Barrière from Accor. Following a reduction in Groupe Lucien Barrière's capital through the cancellation of treasury stock, Fimalac Développement will hold a 40% interest acquired for €186 million.
One of the defining features of Groupe Lucien Barrière is its ownership of most of the properties in its luxury hotel portfolio, operated under the legendary "Barrière" and "Fouquet's" brands. The acquisition will therefore strengthen Fimalac Développement's real estate activities, which include a large office building in the Canary Wharf district of London.
Fimalac Développement is also involved in producing concerts and shows, and operating entertainment venues, through its stake in Gilbert Coullier Productions and its subsidiary Vega. This latest acquisition will enable Fimalac Développement to become one of the leading players in this sector, as Groupe Lucien Barrière is also very active in entertainment venue marketing.
The acquisition is expected to be completed during the first quarter of 2011, once the competition authorities' approval has been obtained.
Paris, January 12, 2011.