INTERNATIONAL. Dufry said today that is has received regulatory approval for the proposed business combination with Autogrill. This includes clearance from relevant antitrust authorities, without conditions.
A statement said: “Dufry and Edizione expect to close the transfer of Edizione’s entire stake of 50.3% in Autogrill to Dufry at the beginning of February 2023.”
An exclusive video interview with Dufry CEO Xavier Rossinyol, conducted by The Moodie Davitt Report Founder & Chairman Martin Moodie, was among the big highlights of day one at The Trinity Forum in November. Click above for the full conversation.
As reported, last July the two companies announced an agreement to join forces and create a new travel retail group that would “redefine travel experience globally”.
The combined entity will address 2.3 billion passengers in over 75 countries in around 5,500 outlets. These embrace some 1,200 airport and other locations with CHF13.6 billion revenue (2019 pro-forma) and CHF1.4 billion EBITDA (2019 pro-forma, pre-IFRS 16).
Edizione will become the largest shareholder of the new group. It will hold a stake of 20-25% at the end of the transaction, depending on the level of subscription to a mandatory tender exchange on offer.
Upon completion of the transaction, the group will adopt a new name to reinforce the identity created by the combination of the two industry leaders. ✈
