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Dufry to acquire majority stake in World Duty Free Group in "milestone" deal

Published:  30 March, 2015

Dufry's, a leading company in the travel retail sector, has reached a deal to acquire a 50.1% stake in World Duty Free Group (WDF) from Edizione.

Dufry's, a leading company in the travel retail sector, has reached a deal to acquire a 50.1% stake in World Duty Free Group (WDF) from Edizione

Julian Diaz, the chief executive officer of Dufry, said the acquisition of WDF was a "truly unique and highly transformational transaction" for Dufry and a milestone for the travel retail industry over.

The two company's combined sales will generate over CHF7.8 billion (£5.45 billion), own a staggering 24% of the airport retail channel globally and be present in 67 countries. For Dufry's the acquisition, which was announced over the weekend, will help enhance the company's presences in several major European airports, including London Heathrow.

Diaz said: "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."

The company agreed to pay €10.25 per WDF share for a total of €1,307 million.

WDF operate mainly in airports in 20 countries through 105 locations and has over 500 stores. It is primarily focused in the domestic region of Western Europe, with a strong presences in the Americas, the Middle East and Asia.

Dufry's operates over 1,650 duty-free and duty-paid shops in airports, cruise lines seaports and railway stations.

"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. At the same time, having access to one of the most diverse passenger flows in Heathrow," said Diaz.

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