Dufry successfully closes 50.1% WDF deal

Basel-based travel retailer Dufry has successfully completed the acquisition of the 50.1% stake in World Duty Free (WDF) from Edizione.

Dufry paid €10.25 per share in cash, corresponding to a total value of €1.31 billion for the stake. It is now preparing the Mandatory Tender Offer (MTO) for the remaining 49.9% of the WDF business, as required by Italian law. The offer price for the MTO will be €10.25 per share, as paid to Edizione.

The deal, which has been fully approved by all relevant antitrust authorities, gives Dufry a 24% market share in global airport retail. The newly combined business portfolio spans 400 locations in 62 countries with forecasted annual revenues in excess of US$8 billion.

Julían Díaz, Dufry CEO, commented: “The closing of the acquisition of WDF is a truly unique and highly transformational transaction for Dufry with an excellent strategic fit that well balances our global geographic footprint in developed and emerging markets.

“With the integration of World Duty Free, we will enhance our leading position in the industry and we plan to drive our business to new levels in term of capturing global passenger flows, execution capabilities and efficiencies. This acquisition will allow us to create additional value for our shareholders.

“On behalf of the whole Dufry team, I warmly welcome all our new World Duty Free colleagues.”

Dufry says it will start to fully consolidate WDF from August onwards and plans to launch its integration process shortly. It expects to generate synergies of €100 million per year, to be fully reflected in the next 18-24 months.

Last year, Dufry became the world’s largest travel retailer when it acquired The Nuance Group in a deal valued at €1.03 billion.