LVMH Moët Hennessy Louis Vuitton (LVMH.PA), the world’s leading
luxury group and Belmond Ltd. (NYSE: BEL), owners, part-owners or
managers of 46 luxury hotel, restaurant, train and river cruise
properties, today jointly announced that they have entered into a
definitive agreement for LVMH to acquire Belmond. LVMH is to
acquire Belmond for $25.00 per Class A share in cash. This
represents an equity value of $2.6 billion in a transaction with an
enterprise value of $3.2 billion. In the twelve months ended
September 30, 2018, Belmond recorded total revenues of $572 million
and adjusted EBITDA of $140 million. The transaction is expected to
complete in the first half of 2019 subject to the approval of
Belmond's shareholders and clearance by the relevant competition
authorities.
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Established over 40 years ago with the acquisition of Hotel
Cipriani in Venice, Belmond owns and operates a global collection
of exceptional hotel and luxury travel adventures in some of the
world’s most inspiring and enriching destinations. The company
operates in 24 countries with its unique and distinctive portfolio
of 46 hotel, rail and river cruise experiences.
Belmond’s iconic properties include hotels like Hotel Cipriani
in Venice, Hotel Splendido in Portofino, Copacabana Palace in Rio
de Janeiro, Le Manoir aux Quat'Saisons in Oxfordshire, Grand Hotel
Europe in St. Petersburg, Maroma Resort & Spa in Mexico, Hotel
das Cataratas in the Iguassu National Park in Brazil, and Cap
Juluca in Anguilla. Legendary trains, such as the Venice
Simplon-Orient-Express and Belmond Royal Scotsman and exceptional
cruises such as Belmond Afloat in France fleet and Belmond Road to
Mandalay, complete a portfolio that offers extraordinary
experiences with curated activities and an understated personal
service to a globally-diverse, highly refined customer.
Through this acquisition, LVMH will significantly increase its
presence in the ultimate luxury hotel world. Synonymous with
history, heritage and timeless experiences, Belmond has a seasoned
management team and is an ideal complement to the Cheval Blanc
maisons, renowned for their exceptional service, architecture and
unique gastronomy.
Roland Hernandez, Chairman of the Board of Directors of Belmond
Ltd, commented: “Following a strategic review that attracted broad
and deep interest from a wide range of real estate and lodging
companies, sovereign wealth institutions and other financial buyers
around the world, the Board has concluded that this transaction
with LVMH provides compelling and certain value for our
shareholders as well as an exciting path forward with a
group that appreciates Belmond’s irreplaceable assets and strong
management team.”
Roeland Vos, Belmond’s President and Chief Executive Officer,
said: “Today’s announcement is the result of the strong execution
of our strategic vision that builds on our pioneering legacy and is
an exciting development for all stakeholders, including our
employees. We are confident that, as part of LVMH’s world-class
family of brands, Belmond’s ability to deliver timeless,
one-of-a-kind luxury experiences will reach new levels.”
Bernard Arnault, Chairman and Chief Executive Offer of LVMH,
added: “Belmond delivers unique experiences to discerning travelers
and owns a number of exceptional assets in the most desirable
destinations. Its heritage, its innovative services, its excellence
in execution and its entrepreneurship resonates well with the
values of the Group and is complementary to our own Cheval Blanc
maisons and the Bvlgari hotels activities. This acquisition will
significantly increase LVMH’s presence in the ultimate hospitality
world.”
LVMH
LVMH Moët Hennessy Louis Vuitton is represented in Wines and
Spirits by a portfolio of brands that includes Moët & Chandon,
Dom Pérignon, Veuve Clicquot Ponsardin, Krug, Ruinart, Mercier,
Château d’Yquem, Domaine du Clos des Lambrays, Château Cheval
Blanc, Colgin Cellars, Hennessy, Glenmorangie, Ardbeg, Belvedere,
Woodinville, Volcán de Mi Tierra, Chandon, Cloudy Bay, Terrazas de
los Andes, Cheval des Andes, Cape Mentelle, Newton, Bodega
Numanthia and Ao Yun. Its Fashion and Leather Goods division
includes Louis Vuitton, Christian Dior Couture, Celine, Loewe,
Kenzo, Givenchy, Thomas Pink, Fendi, Emilio Pucci, Marc Jacobs,
Berluti, Nicholas Kirkwood, Loro Piana, RIMOWA and Jean Patou. LVMH
is present in the Perfumes and Cosmetics sector with Parfums
Christian Dior, Guerlain, Parfums Givenchy, Kenzo Parfums, Perfumes
Loewe, Benefit Cosmetics, Make Up For Ever, Acqua di Parma, Fresh,
Fenty Beauty by Rihanna and Maison Francis Kurkdjian. LVMH's
Watches and Jewelry division comprises Bvlgari, TAG Heuer, Chaumet,
Dior Watches, Zenith, Fred and Hublot. LVMH is also active in
selective retailing as well as in other activities through DFS,
Sephora, Le Bon Marché, La Samaritaine, Groupe Les Echos, Cova, Le
Jardin d’Acclimatation, Royal Van Lent and Cheval Blanc hotels.
BELMOND LTD
Belmond (Belmond.com) is a global collection of exceptional
hotel and luxury travel adventures in some of the world’s most
inspiring and enriching destinations. Established over 40 years ago
with the acquisition of Belmond Hotel Cipriani in Venice, its
unique and distinctive portfolio now embraces 46 hotel, rail and
river cruise experiences, excluding one scheduled for a 2019
opening in London, in many of the world’s most celebrated
destinations. From city landmarks to intimate resorts, the
collection includes Belmond Grand Hotel Europe, St. Petersburg;
Belmond Copacabana Palace, Rio de Janeiro; Belmond Maroma Resort
& Spa, Riviera Maya; and Belmond El Encanto, Santa Barbara.
Belmond also encompasses safaris, seven luxury tourist trains,
including the Venice Simplon-Orient-Express, and two river cruises.
Belmond also operates ‘21’ Club, one of New York’s most storied
restaurants. Further information on the Company can be found at
investor.Belmond.com.
A conference call will take
place on Friday 14th December at 3pm (Paris
time).Number to call from:-France: +33 1 72 72 74 03
– PIN: 61941923#-UK: +44 207 1943 759 – PIN:
61941923#-US: +1 646 722 4916 – PIN: 61941923#
“This document may contain certain forward looking statements
which are based on estimations and forecasts. By their nature,
these forward looking statements are subject to important risks and
uncertainties and factors beyond our control or ability to predict,
in particular those described in LVMH’s Reference Document which is
available on the website (www.lvmh.com). These forward looking
statements should not be considered as a guarantee of future
performance, the actual results could differ materially from those
expressed or implied by them. The forward looking statements only
reflect LVMH’s views as of the date of this document, and LVMH does
not undertake to revise or update these forward looking statements.
The forward looking statements should be used with caution and
circumspection and in no event can LVMH and its Management be held
responsible for any investment or other decision based upon such
statements. The information in this document does not constitute an
offer to sell or an invitation to buy shares in LVMH or an
invitation or inducement to engage in any other investment
activities.”
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LVMH CONTACTSAnalysts and
investorsChris HollisLVMH+ 33 1 4413
2122MediaJean-Charles TreìhanLVMH+ 33 1 4413
2620MEDIA
CONTACTSFranceMichel Calzaroni, Olivier Labesse,
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4800BELMOND CONTACTSMartin
O’GradyEVP - CFO+ 44 20 3117 1333Jocelyn BettsCorporate
Communications Director+44 20 3117 1362SARD VERBINNEN & COUS &
InternationalGeorge Sard / Robin Weinberg / Stephen Pettibone+1
212 687 8080UK & InternationalJon Aarons / Conrad
Harrington+44 20 7467 1050
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