Monday , January 18 2021

LVMH acquired Balmond in a deal of $ 3.2 billion in news

Prestige retailer Henley Henley Louis Vuitton (LVMH) has reached an agreement to acquire Belmond, the owners, owners or managers of 46 luxury hotels, restaurants, trains and rivers around the world.

LVMH will acquire Belmond for $ 25 per share in cash, representing a capital value of $ 2.6 billion in a deal with a company value of $ 3.2 billion.

In the 12 months ended September 30, Bellmond recorded revenues of $ 572 million and adjusted EBITDA of $ 140 million.

The transaction is expected to be completed in the first half of 2019, subject to the approval of the shareholders of Belmond and clearing by the relevant competition authorities.

Roland Hernandez, Chairman of Belmond, commented: "Following a strategic review that drew a broad and deep interest from a wide range of real estate and housing companies, sovereign wealth institutions and other financial buyers worldwide, the Board of Directors concluded that this transaction provides compelling and significant value to our shareholders, As well as a moving forward track with a group that appreciates Balmond's irreplaceable assets and a strong management team. "

Established over 40 years ago with the purchase of Hotel Cipriani in Venice, Belmond owns and operates a world-class collection of luxury hotel and adventure travel properties.

The company operates in 24 countries.

Through this acquisition, LVMH will significantly increase its presence in the world's ultimate luxury world.

Bernard Arnott, Chairman of LVMH, added: "Balmond provides unique experiences for individual travelers and has a number of exceptional properties in the most desirable destinations.

"Its heritage, innovative services, excellence in execution and entrepreneurship resonate well with the values ​​of the group and complement our masses of Cheval Blanc and hotel activities in Bulgaria.

"This acquisition will significantly increase the presence of LVMH in the world of ultimate hospitality."

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