DFASS and Hotel Shilla pull out of joint venture

SOUTH KOREA/USA. Miami-based DFASS and The Shilla Duty Free parent company Hotel Shilla have mutually pulled out of a proposed alliance that would have seen the Korean travel retailer take a 44% stake in the Benny Klepach-owned US airline and airport retailer.

Hotel Shilla’s intention to acquire a stake in DFASS was announced in March 2015.

The planned deal was being conducted through Samsung Hospitality American Inc, a US-based, wholly-owned subsidiary of The Shilla Duty Free’s parent, Samsung.

It is understood that the parties could not resolve certain disagreements over terms.