China’s HNA snaps up 16.79% of Dufry Group
Hainan-based conglomerate HNA Group has acquired 16.79% of Dufry Group, the world’s largest travel retailer.
China’s HNA Group has acquired 16.79% of Dufry GroupDufry, which holds around 25% of the global airport retail market, confirmed the news in a media statement released this morning.
While the transaction is “subject to certain conditions”, Dufry’s share price closed yesterday at CHF159 (US$160), giving the deal at a valuation of approximately CHF1.45 billion (US$1.46bn).
Dufry shares are trading up by around 1.7% on the news.
HNA Group was founded in China in 1993 and today has operations in the aviation, hospitality, tourism, real estate and finance industries.
Although HNA Group’s acquisition is above a key threshold of 15% ownership, a mandatory takeover offer is not triggered until a shareholder accounts for 33.33% of voting rights of the target firm.
Dufry transformed the global travel retail landscape after closing a deal to acquire World Duty Free in late 2015, shortly after snapping up Nuance Group in June 2014.
