French luxury behemoth Louis Vuitton Moet Hennessy told on Friday that it has agreed to buy group of luxury hotels named Belmond in a deal valuing the company at a whopping $3.2 bn.
LVMH told that it has agreed to pay $25 per Belmond share, which is a 40-percent premium over the closing price of Thursday.
The operation, which is likely to be closed in the 1st half of year 2019, values equity of Belmond at $2.6 bn, and the enterprise, including debt, at $3.2 bn.
Belmond owns, manages or partly owns 46 luxury hotels, restaurants, train as well as river cruise properties. The company posted a total of $140 mn in earnings before interest, taxes, depreciation and amortization out of $572 mn in revenue in the 12-month long period which is ending on September 30.