LVMH to buy Belmond luxury hotel group for $3.2 billion

French luxury behemoth Louis Vuitton Moet Hennessy LVMN.PA Friday said it agreed to buy luxury hotel group Belmond (BEL.N) in a deal valuing the company at $3.2 billion.

LVMH said it agreed to pay $25 per Belmond share, a 40-percent premium over the Thursday closing price.

The operation, which is expected to be closed in the first half of 2019, values Belmond’s equity at $2.6 billion, and the enterprise, including debt, at $3.2 billion.

Belmond owns, partly owns or manages 46 luxury hotels, restaurants, train and river cruise properties. The company posted $140 million in earnings before interest, taxes, depreciation and amortization out of $572 million in revenue in the 12-month period ending on Sept 30.

（REUTERS）