NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 39 ACQUISITION OF AND LOSS OF CONTROL IN SUBSIDIARIES, AND CHANGES IN INTERESTS IN SUBSIDIARIES WITHOUT LOSS OF CONTROL (I) Acquisition of subsidiaries 2024 On 13 May 2024, the Group through its indirect wholly-owned subsidiary, Copthorne Hotel Holdings Limited, (i) acquired 100% of the shares and voting interests in Chalon Bidco SAS (Chalon) (subsequently renamed as Chalon Heritage Hotel Holdings SAS) which via its direct wholly-owned subsidiaries, holds the Hilton Paris Opéra hotel in France; and (ii) settled existing indebtedness amounts, for a total consideration of approximately $366.0 million (€ 249.7 million). The acquisition was accounted for as an acquisition of assets. Identifiable assets acquired and liabilities assumed The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date: Recognised amounts $’000 Property, plant and equipment 351,768 Other non-current assets 718 Consumable stocks 106 Trade and other receivables 7,209 Cash and cash equivalents 23,973 Trade and other payables (40,734) Interest-bearing borrowings (161,520) Shareholder loans (132,650) Net identifiable assets acquired 48,870 Cash flows relating to the acquisition Consideration for equity interest 48,870 Shareholder loans assumed 153,427 Repayment of bank loans and interests on behalf of acquired entity 163,716 Total consideration 366,013 Add: Acquisition-related costs 4,176 Less: Consideration not yet paid (633) Less: Cash and cash equivalents acquired (23,973) Total net cash outflow 345,583 FINANCIALS CITY DEVELOPMENTS LIMITED 168
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