Baker McKenzie acts for Mantra Group on A$1.2 billion scheme of arrangement with AccorHotels Group
Baker McKenzie has successfully acted for Mantra Group Limited, in its acceptance of AccorHotel's proposal to acquire all of the shares in Mantra Group for approximately A$1.2 billion in cash.
Baker McKenzie lead partner on the transaction, Lauren Magraith stated: "We were delighted to act for Mantra Group on this exciting transaction and for the opportunity to work with the Mantra team and their advisers in considering AccorHotel's proposal."
Mantra Group is the largest Australian based hotel and resort marketer and operator, with over 20,000+ rooms under management for owners in properties across Australia, New Zealand and Indonesia. AccorHotels is a world-leading travel and lifestyle group, offering experiences in more than 4,100 hotels, resorts and residences, as well as in over 3,000 of the finest private homes around the globe. AccorHotels operates in 95 countries.
Mantra shareholders will receive A$3.96 cash per share from AccorHotels, which represents an implied market capitalisation of A$1,182.2 million and an implied enterprise value of A$1,254.6 million.
The transaction is expected to complete on or around March 2018.
Lauren further stated: "Since their IPO in 2014, we have admired the way in which the Mantra team have continued to create significant value for their shareholders as a result of the successful operation and growth of the business, and this proposal from AccorHotels reflects the world-class quality of the Mantra management, business and brands."
Properties in Mantra Group's portfolio range from luxury retreats and coastal resorts to serviced apartments in CBD and key leisure destinations, under its three key brands: Peppers, Mantra and BreakFree. In addition to providing accommodation, Mantra Group's core services including management of guest relations and reception areas, restaurants and bars, conference and function centres, pool and entertainment facilities and offices.
Mantra Group has a team of approximately 5500+ team members who carry out its core functions including operations, sales marketing and distribution, portfolio and asset management, information technology and corporate activities.
The Baker McKenzie team was led by Lauren and partners Guy Sanderson and Georgina Foster, who were assisted by senior associate Jeanie Chang and associates Emily Hunter and Matthew DeCataldo. The Baker McKenzie team advised Mantra across a range of M&A and competition aspects related to the transaction.
Mantra is being advised by Highbury Partnership, while AccorHotels is being advised by investment bank UBS.
This week, Acritas’ eighth annual Global Elite Law Firm Brand Index revealed Baker McKenzie extending its lead at the top of the table for another year. Acritas’ Global Elite Law Firm Brand Index 2017 is compiled from analysis of an extract of data from the Sharplegal Global Elite survey dataset. All data is derived from 1,074 interviews with respondents, in $1 billion+ revenue organisations across the world, who have senior responsibility for buying legal services.