(CercleFinance.com) – Dufry climbs more than 6% in Zurich, after the announcement of an agreement to merge the Swiss distributor in tax-free zones with the Italian catering and services group Autogrill, to ‘create a new integrated global player of travel experience.
The combined entity will serve 2.3 billion passengers at approximately 5,500 outlets across approximately 1,200 airports and other locations, with revenue of 13.6 billion Swiss francs and EBITDA of 1.4 billion (pro form 2019).
Edizione will transfer its entire 50.3% stake in Autogrill to Dufry, at an exchange ratio of 0.158 new Dufry shares for each Autogrill share, following which Dufry will launch a tender offer for the Autogrill shares remaining.
Following these operations, Edizione will become the main shareholder of the combined entity. Closing of the transaction is subject to regulatory and Dufry shareholder approvals and other conditions.
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