By Andrea Figueras

Accor will buy back some of its own shares for 400 million euros ($424.3 million) after S&P upgraded its stock to investment grade and the company refinanced a EUR500 million perpetual hybrid bond issued at the start of the year.

The French hotel group, which has entered into an agreement with an investment services provider to implement the program, said late Tuesday that it aims to return EUR3 billion to shareholders from 2023 to 2027.

The purchase period, with a price of up to EUR70 per share, will start on Oct. 11 and end on Apr. 11.

"The acquired shares will be cancelled," the company said.

Write to Andrea Figueras at andrea.figueras@wsj.com

(END) Dow Jones Newswires

October 11, 2023 01:32 ET (05:32 GMT)

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