Travel retailer Dufry buys out Brazilian co Brasif
20 Mar '06
2 min read
Leading travel retailer Dufry has signed a binding agreement to acquire the travel retail business of Brasif. In addition, Dufry is also acquiring Eurotrade to reinforce its logistics platform in the Americas.
Dufry has signed a binding agreement to acquire the travel retail business of Brasif for a total consideration of USD 250 million. Brasif is the leading duty free operator in Brazil and has been present in the Brazilian travel retail market for more than 20 years. It operates 48 shops with a retail surface of approx 12'000 m2 and has close to 1'500 employees.
In addition, Dufry has also signed a binding agreement to acquire Eurotrade for a total consideration of USD 250 million to reinforce its logistics platform in the Americas. These two acquisitions, will be jointly financed by Dufry (80 percent) and certain funds managed by the main shareholder of Dufry, Advent International Corporation (the remaining 20 percent).
With Brasif travel retail's leading position, high-quality concessions portfolio and in-depth knowledge of the local market, the transaction matches Dufry's strategy of developing longterm concessions in emerging markets. This new operation is complemented with the strengthening of Dufry's Americas' logistics platform through the acquisition of Eurotrade.
Basel based Dufry's 80 percent stake in these acquisitions shall be fully financed through a structured bank financing which shall also provide Dufry with additional means for further expansion and growth. The transaction is expected to be closed no later than March 23, 2006.
marketing@alchempro.com
