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Saudi Sovereign Fund Seeks 15% Stake in Accor's Unit

  • A deal is likely to value AccorInvest at about $7.64 billion
  • Public Investment Fund is investing alongside other firms
The Accor SA logo is seen outside the company's headquarters in Paris, France, on Wednesday, Feb. 23, 2011. Accor SA, Europe's largest hotelier, said it will accelerate an asset-disposal plan to cut adjusted net debt by 1.2 billion euros ($1.6 billion) this year and next.

Photographer: Fabrice Dimier/Bloomberg

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Saudi Arabia’s sovereign wealth fund is in talks to buy a 15 percent stake in Accor SA’s property business in a transaction that could value the unit at about 6.2 billion euros ($7.64 billion), according to people familiar with the matter.

Public Investment Fund, known as PIF, is buying a stake alongside Singapore’s state-owned GIC Pte, French asset manager Amundi SA and U.S. real estate investment trust Colony NorthStar Inc., the people said, asking not to be identified as the information is private. The group jointly aims to buy a majority stake in the AccorInvest business, though it wasn’t immediately clear how much PIF’s partners would each hold, they said. Accor shares jumped to the highest in almost two and a half years.