Orbis closes Hekon purchase with zł. 343 million payment

On Friday Orbis has officially finalized the purchase of shares in Hekon from Orbis' sector investor Accor. The preliminary deal was signed back in June. "We received all the necessary clearances to execute the contract and we closed the deal today by paying for the stake," said Orbis' president Maciej Grelowski. Hekon, which runs eight Ibis hotels and three Novotel ones, will be presided over by Orbis director Yanik Rouvrais. The estimated value of the transaction is zł. 404 million. Orbis paid the first installment of zł. 343 million, which accounts for 85% of the total sum to be paid. The purchase was financed from bonds worth zł. 110 million which were directed at Hekon, a EUR 40 million loan, plus its own money. Orbis has five years to pay the remaining sum. "I hope we will be able to present the standing of Hekon in December," said Grelowski. (Parkiet, p. 1) M.M.