Swiss travel retailer Dufry has entered into a binding agreement with holding company Edizione to acquire its 50.1% stake in World Duty Free (WDF) for €10.25 (US$11) per share, equivalent to a total of €1.3bn (US$1.4bn).
Following the completion of the transaction with Edizione, Dufry will launch a mandatory tender for the remaining 49.9% of WDF shares at a price of €10.25 (US$11) per share. The transaction with Edizione remains subject to approval by Dufry’s shareholders as well as regulatory bodies.
Julian Diaz, CEO, Dufry, said, “The acquisition of WDF is a truly unique and highly transformational transaction for Dufry and is equally a milestone for the travel retail industry overall. The transaction further enhances our global position and with a market share of 24% in airport retail, we plan to drive our business to new levels in term of capturing global passenger flows, execution capabilities and efficiencies.
“WDF’s business is highly complementary to our existing footprint and will reinforce our leading position in the Mediterranean, the Americas as well as the Middle East and Asia.
“Dufry has great respect for the achievements of WDF and we look forward to working with our more than 9,500 new colleagues in 20 countries and across more than 100 locations. Ultimately what we want to achieve is to develop a better company for our employees, customers, suppliers and landlords, and a more valuable asset for our shareholders.”
