Accor Strengnthens Its Presence in Brazil By Becoming Ticket Serviços'' Sole Shareholder
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Accor Strengnthens Its Presence in Brazil By Becoming Ticket Serviços'' Sole Shareholder
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Category: Central and South America -
This is a press release selected by our editorial committee and published online for free on 2006-12-06
Press Release
Accor Strengthens Its Presence in Brazil
By Becoming Ticket Serviços' Sole Shareholder
(Paris – December 4, 2006) — Accor announced today that it has signed an agreement with
Brookfield Asset Management Inc., and Espirito Santo Resources, Ltd., to acquire the two
companies’ combined 50% stake in Brazil’s Ticket Serviços for approximately €200 million.
Jointly held since 1976 by Accor (50%), Brookfield Asset Management Inc. (40%) and
Espirito Santo Resources, Ltd. (10%), Ticket Serviços manages service vouchers and hotels
in Brazil under the Accor brands and food catering services under a local brand. This
successful 30-year-old partnership enjoyed strong growth of its results over the last 10 years
and has helped make Ticket Serviços a major player in its businesses.
Once the transaction has been completed, Accor will hold a 100% stake in the company’s
service vouchers and hotel operations and a 50% stake in its food services operations, with
Compass owning the other 50%. These businesses will generate in 2006 total revenue of
over €500 million and an EBITDA of approximately €70 million.
In Services, Ticket Serviços is the market leader with issue volume of more than
€2.2 billion, a 38% market share and 4 million users a day. Its product portfolio comprises:
• Ticket Restaurante (meal vouchers), which allow employees to have lunch outside the
workplace in an affiliated restaurant of their choice
• Ticket Alimentação (food vouchers), which enable employees to pay for groceries in
neighborhood stores and supermarkets
• Ticket Transporte (transportation vouchers), for managing employee commuting
expenses
• Ticket Car that help companies manage vehicle fleet expenses
• Accentiv’, gift vouchers for corporate incentive programs for employees.
In Hotels, the company operates 130 hotels (nearly 20,000 rooms) under the Formule 1 (5
establishments), Ibis (41), Mercure (68), Novotel (11) and Sofitel (5) brands, primarily
through management contracts.
The transaction will be accretive to the Net Profit of Accor in 2007, by €10 million.
Gilles Pélisson Accor’s Chief Executive Officer said : “In line with the strategy announced
last September to speed development in emerging countries, the transaction strengthens
Accor’s positions in Brazil in both its businesses—Services and Hotels. With a growth of over
15% of its issue volume in Services and over 60 hotel projects under development, this
acquisition will enable Accor, thanks to its Brazilian operations and teams, to implement
platforms for expansion throughout Latin America, a region that will drive the Group’s growth
in the future”.
*****
With 160,000 associates in nearly 100 countries, Accor is the European leader in hotels and
tourism and the global leader in corporate services. To provide private and business clients
with superior service, it leverages nearly 40 years of expertise in its two core activities:
- Hotels, with the Sofitel, Novotel, Mercure, Suitehotel, Ibis, Etap Hotel, Formule 1,
Motel 6 and Red Roof Inn brands, representing more than 4,000 hotels and 475,000 rooms
in 90 countries, as well as strategically related activities, notably Lenôtre.
- Services to corporate clients and public institutions, through Accor Services. A total
of 21 million people in 35 countries benefit from our broad portfolio, which includes food
vouchers, people care, incentives and loyalty programs.
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