Saudi's Kingdom Holding agrees Fairmont swap deal with AccorHotels

December 10, 2015 6:16 AM

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DUBAI Dec 10 Saudi Arabia's Kingdom Holding on Thursday said it will exchange its Fairmont Hotels stake for 1.27 billion riyals ($338.6 million) in a swap deal with AccorHotels also including other assets and a stake in the French hotel chain.

The investment firm owned by billionaire Prince Alwaleed bin Talal will take a 5.8 percent stake in AccorHotels through the issuance of new shares, and will appoint one representative to the latter's board, the Saudi firm said in a bourse statement.

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