Dufry acquires majority stake in World Duty Free of Italy

Dufry acquires majority stake in World Duty Free of Italy

Dufry acquires majority stake in World Duty Free of Italy

Dufry, the Swiss company, has agreed to buy 50.1 percent stake in World Duty Free of Italy,  in deal valued at € 3.6 Billion, or about $ 3.92 Billion. It represents a 22 percent premium to average market price in the last six months. World Duty Free shares closed at € 10.96 in Friday.

 The deal is second takeover of an Italian company in less than a week. Last Sunday, The China National Chamical Corporation agreed to acquire a majority stake in Pirelli, the Italian tire maker for € 7.1 Billion, or about $ 7.7 Billion.

 Expecting total retail spending at airports around the world to almost to $ 59 Billion in 2019 from 36.8 Billion last year with big growth in Asian markets, where more than 350 airports are planned to build in the next eight years.

 Edizione said Dufry, which was acquired the Nuance Group for $ 1.7 Billion in 2014, which operates over 60 locations in 18 countries and territories across the globe, would make a offer for the rest of World Duty Free and would make offer to help finance the acquisition.

 Among next bidders were Lotte Group of South Korea and Sunrise Duty Free of China for World Duty Free, although for Dufry was evident partner for World Duty Free.

 The sale is expected to close in the third quarter.

 Endzone advisors were Mediobanca and Bank of America Merrill Lynch, while Dufry was advised by Deutsche Bank.

 Mr. Stakebay says :

 World Duty Free operates 495 stores in 98 airports, including Gatwick and Heathrow in London. Combination of both companies creates world’s biggest travel retailer with 25 percent of market share and projected sales of $ 9 Billion.

Director and CEO of Dufry ……………..Julián Díaz Gonzalez…………….2006-present………..xxxxxxxxxx (2014)

CEO of World Duty Free………………Eugenio Andrades Yunta………….2014-present………..xxxxxxxxxx (2014)

 

DUFRY

WORLD DUTY FREE OF ITALY

Revenue

CHF 4.063 Billion (2014)

€ 2.406 Billion (2014)

Operating income

CHF 575.6 Million (2014)

€ 260.5 Million (2014)

Profit

CHF 84.8 Million (2014)

€ 41.5 Million (2014)

Total assets

CHF 7.147 Billion (2014)

€ 1.402 Billion (2014)

Total Equity

CHF 2.458 Billion (2014)

€ 486.2 Million (2014)

Employees

21 800 (2014)

8500 (2014)

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