Riyadh-Mubasher: Kingdom Holding Co. (KHC), owned by business tycoon Al-Waleed bin Talal, said it will exchange its 35.3% stake in Fairmont Hotels in a swap agreement with AccorHotels for SAR 1.27 billion ($339 million) and a 5.8% stake in the French hotel group.
KHC will take the stake in AccorHotels through the issuance of new shares, and will appoint a representative to the latter's board, the company said in a bourse statement.
The exchange deal would also include other assets that will be determined at a later date, KHC said.
Shares and assets will only be transferred after completion of the deal, which is subject to necessary regulatory approvals.
The deal is likely to be completed in the second-quarter of 2016.
