Dufry Close to Deal for World Duty Free
Swiss airport retailer Dufry AG is nearing a deal to buy Italy’s World Duty Free Group for around €3.6 billion ($3.92 billion), according to people familiar with the matter.
The deal could be announced this week, the people said.
World Duty Free, one of the leading airport tax and duty-free retailers, is 50.1% owned by Italy’s Benetton family through its holding company Edizione.
The new company would run more than 2,000 travel retail stores in airports, cruise lines and other tourist spots.
The Basel-based company beat out several other bidders, including South Korea’s Lotte Group, according to people familiar with the matter.
Dufry, which runs the ubiquitous Hudson News chain of airport newsstands, has used acquisitions to build the company since it went public in 2005. The deal for World Duty Free will mark the second acquisition for Dufry within the last year. In June, it paid 1.55 billion Swiss francs ($1.61 billion) for domestic rival Nuance Group, which was to strengthen its position in Europe, Asia and the U.S.