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10 Sep 2026

A&O Shearman advises Colony IM on acquisition of Accor’s stake in Essendi

"A&O Shearman advised Colony IM (and, via its Luxembourg team, a minority investor managed by Amundi) on the acquisition, alongside Blackstone, of Accor’s 30.7% stake in Essendi for up to EUR975 million. Colony acquires part of Accor’s stake increasing its holding to 25.51%; closing expected Q4 2026, subject to regulatory approvals."

A&O Shearman advised Colony IM on its acquisition, together with Blackstone, of part of Accor’s 30.7% stake in Essendi, and its Luxembourg team also advised a minority investor in Essendi managed by Amundi. Under a binding agreement entered on 23 July 2026, Accor agreed to sell its entire 30.7% stake in Essendi for consideration of up to approximately EUR975 million. Under that agreement, Colony IM will acquire 14.29% of Accor’s stake, representing approximately 4.39% of Essendi’s share capital, while Blackstone will acquire the remaining 85.71%, representing approximately 26.33% of the company’s capital. Upon completion, Colony IM’s existing stake in Essendi will increase to 25.51%, reinforcing its position as one of the company’s principal shareholders. The transaction includes the renegotiation of the shareholders’ agreement with Essendi’s other major investors and the renegotiation of the Master Agreement and Hotel Franchise Agreement between Accor and Essendi. The deal is expected to close in the fourth quarter of 2026, subject to customary regulatory and antitrust approvals. A&O Shearman represented Colony IM with a team composed by: Anne-Caroline Payelle (Partner, Paris) and Marc Castagnède (Partner, Paris), who led the M&A work, supported by Gaëtan Le Bris (Associate, Paris) on M&A; Florence Ninane (Partner, Paris) on antitrust aspects; and Jean-Dominique Casalta (Partner, Paris) together with Alix Pallier (Senior Associate, Paris) on real estate aspects. A&O Shearman represented the minority investor in Essendi managed by Amundi with a team composed by: Laurent Goyer (Counsel, Luxembourg), who advised on Luxembourg law matters, together with Jacques Graas (Partner, Luxembourg) and Matthieu Tourin (Counsel, Luxembourg).
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