Continuing with its strategy to focus on its core hotel business, Accor yesterday announced it would sell its 49% stake in French casino company Groupe Lucien Barrière for €268 million (US$352 million). This follows an unsuccessful attempt to raise €282 million through a stock market listing last year. The sale is subject to approval by competition authorities as Groupe Lucien Barrière will increase its stake to 60% after paying €82 million for 15% of the shares. Fimalac holding company will have a 40% stake at a cost of €186 million for its 34% purchase. The total 49% of shares purchased will be annulled after the transaction in order to achieve the 60-40 split.

Accor will use the proceeds from the sale of its stake in Groupe Lucien Barrière to reduce debt. Fimalac, a holding company listed in Paris, operates in the financial services sector through Fitch Group, the parent company of Fitch Ratings (ratings) and Algorithmics (enterprise risk management solutions). With operations in over fifty countries, in fiscal 2009 Fitch Group reported revenue of €559.1 million with an average of 3,007 employees.

Groupe Lucien Barrière SAS was founded in 1912 and is based in Paris, France. It presently has 37 casinos, 16 hotels, and 131 restaurants and bars, including 2 under development projects. The company is the casino market leader in France and in Switzerland as well as a major player on the European market. The casinos are located in some of the best coastal resorts and major cities, including Biarritz, Deauville and Montreux. (E-01.13.11)

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