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AccorHotels clears antitrust hurdle for Fairmont Raffles Hotels acquisition

AccorHotelssaid it cleared all antitrust approvals related to its pending acquisition ofFairmont Raffles Hotels International.

The deal was first announced in December 2015, as previously. AccorHotelshad agreed to acquire FRHI Holdings Ltd., the parent of luxury hotel brandsFairmont, Raffles and Swissôtel, for a cash payment of €768 million and theissuance of 46.7 million new shares. The deal was signed with theQatar Investment Authority, Kingdom Holding Co. of Saudi Arabia and OxfordProperties Group.

The French company said the antitrust approvals in relevantjurisdictions mark one of the closing conditions for the acquisition.

Approval is now pending with respect to reserved capitalincrease and board representations for Qatar Investment Authority and KingdomHolding, which will be considered at AccorHotels' extraordinary shareholdersmeeting to be held in the "coming weeks," according to a news release.

The transaction is expected to close in mid-2016.

According to a previous report, the Qatar InvestmentAuthority and Kingdom Holding will become major shareholders in AccorHotelsfollowing the transaction by holding 10.5% and 5.8% stakes, respectively.