Dufry becomes world’s biggest travel retailer
Dufry has agreed to acquire a 50.1% stake in rival World Duty Free (WDF) from the Benetton-controlled Edizone Group for €1.3 billion.
Following completion of the transaction it will launch a mandatory tender offer for the remaining 49.9% stake in WDF at the same share price of €10.24 per share, effectively valuing the company at €2.6 billion.
The deal will create the world’s biggest travel retailer operating one in every four airport duty free shops with global sales of €7.6 billion.
Indeed, the combined entity will comprise a geographically diversified concession portfolio with operations in 67 countries and close to 400 locations, providing a balanced exposure to developed and emerging markets and spanning five continents.
Julián Díaz, CEO of Dufry, commented: “The acquisition of WDF is a truly unique and highly transformational transaction for Dufry and is equally a milestone for the travel retail industry overall.
“The transaction further enhances our global position and with a market share of 24% in airport retail we plan to drive our business to new levels in term of capturing global passenger flows, execution capabilities and efficiencies. WDF’s business is highly complementary to our existing footprint and will reinforce our leading position in the Mediterranean, the Americas as well as the Middle East and Asia.
“At the same time, having access to one of the most diverse passenger flows in Heathrow, combining attractive emerging and developed market customer profiles, will allow us to leverage our existing expertise on all the customer groups and to further develop our global offering.”
International aviation consultancy, Airbiz, has opened a London office, its first in Europe, which will serve as a base for new general manager for Europe, Pieter Coetzee.
A qualified architect with a particular interest in terminal design and concept development, Coetzee brings a wealth of experience to Airbiz after previous stints with Atkins, Arup, Pascall+Watson and SOM.
His expertise is in airport master planning, terminal planning and airside planning and, according to Airbiz, his “unparalleled knowledge of the European sector will be an invaluable asset” to
SSP has secured an 11- year deal to run 10 outlets at Nice Côte D’Azur Airport. Among the new outlets are a restaurant called L’Estivale, created in partnership with two-Michelin-starred chef Mauro Colagreco, and the first Jamie’s Italian in France.
The company took over the operation of two units in Terminal 1 in February and will open new outlets in both Terminals 1 and 2 respectively during the course of 2015 and in 2017.
Commenting on the win, Gérard d’Onofrio, managing director SSP France, Belgium, Netherlands, said: “The airport has ambitions to become one of the major platforms in south Europe, with a genuine focus on the passenger experience.
“Following the successful development of our business at Nantes and Bordeaux airports, this new business represents another major step in the airport sector for SSP France, and secures our position as the leader in the French market.”