Saudi Arabia’s sovereign wealth fund is in talks to buy a 15% stake in Accor SA’s property business in a transaction that could value the unit at about US$7.64 billion, according to a Bloomberg report citing people familiar with the matter.
Public Investment Fund, known as PIF, is buying a stake alongside Singapore’s state-owned GIC, French asset manager Amundi SA and U.S. real estate investment trust Colony NorthStar Inc., the people said. The group jointly aims to buy a majority stake in the AccorInvest business, though it wasn’t immediately clear how much PIF’s partners would each hold, they said.
While discussions are in advanced stages, there’s no guarantee that an agreement will be reached, the people said. Representatives for PIF, GIC, Amundi and Colony NorthStar declined to comment.