September 10 2020  |  Retailers

Dufry to raise about US$551m, gets private equity backing

By Mary Jane Pittilla

Dufry is set to launch a capital increase to raise about SFr500 million (US$551 million) and has gained the backing of private equity firm Advent International.

The proceeds will be used in part to fund the acquisition of all remaining shares in US operator Hudson.

The company’s shareholders will meet on October 6 to approve the new share issue.

Advent International will buy shares worth up to CHF415 million (US$457 million) at CHF28.50 (US$31.40) each.

The company will buy the shares not acquired by existing shareholders, to whom the new shares will be offered first. The shares not bought by Advent may then be offered to other investors.

Advent will buy the shares at the agreed terms even if the shares are offered at a lower price. If the planned book-building process leads to a higher price, Advent will not be obliged to buy the shares.

"Advent International has confirmed that it currently has no intention to acquire a controlling stake in Dufry," the retailer said. Its stake will not exceed 19.99%.

As part of the deal, Advent will get a seat on Dufry’s board, and shareholders will vote on the election of Ranjan Sen.

Brand News

November 25 2020

Kavalan launches limited edition…

Kavalan, the pioneering force behind Taiwanese whisky, has launched its Kavalan Artist Series Collector Set, a new range…

By Laura Shirk

November 18 2020

Champagne Lanson’s Le Black Réserve…

With 96 points, Wine Enthusiast awards the best score in its non-vintage category and the mention Editor’s Choice to Champagne…

By Laura Shirk

November 18 2020

YSL Beauty launches global program:…

In the lead-up to the UN’s International Day for the Elimination of Violence Against Women on Nov. 25, 2020, Yves Saint Laurent…

By Laura Shirk

November 17 2020

Rituals Cosmetics launches festive…

Rituals, Europe’s fastest growing beauty brand from the Netherlands, has unveiled several festive activities as part of its…

By Laura Shirk

November 17 2020

The Macallan opens its first retail…

The Macallan, renowned globally for its extraordinary single malt whiskies, announced the opening…

By Laura Shirk

November 16 2020

ESCADA presents limited-edition…

This year, ESCADA presses play on its first-ever winter fragrance, Candy Love. Created with fun-loving, flirtatious girls…

By Laura Shirk

November 9 2020

Rodenstock applauds Virtual Travel…

Global eyewear specialist, Rodenstock, says it is absolutely delighted with the results of this year’s first Virtual Travel…

By Laura Shirk

November 9 2020

Long Haul Spa appoints TR Partners…

Led by its founder Vincent McDermott, Long Haul Spa has appointed TR Partners to manage business development opportunities…

By Laura Shirk

November 5 2020

DFD introduces Champion to its…

Duty Free Dynamics, major distributor of world-renowned premium brands within the travel retail channel, is pleased to announce…

By Laura Shirk

Copyright 2020 DutyFree Magazine. All rights reserved. Privacy Policy Sitemap