NORTH AMERICA. Dufry-owned travel retailer Hudson has set the terms of its planned Initial Public Offering (IPO), and will make 39.42 million Class A shares available, priced between US$19 and US$21. At the midpoint of the proposed range, this would raise US$788 million. Dufry intends to retain majority ownership of Hudson.
The shares will be listed on the New York Stock Exchange under the symbol ‘HUD’.
In July, Dufry revealed plans for an IPO of its North American business. CEO Julían Díaz said at the time: “The [North American] business would remain an important component of Dufry’s global diversification strategy, and its operations would remain integrated with Dufry Group across all major functions, allowing the North American business to continue to benefit from Dufry’s expertise and scale in the global travel retail industry.”
He said the planned IPO reflects the different development of travel retail in North America compared to the rest of the world.
He also told investors that the company was looking to accelerate growth in the market by expanding its food & beverage operations through external acquisition.
*NOTE: Hudson Group, acquired by Dufry in 2008, is the largest travel retailer in North America. It operates over 950 Hudson, Hudson News, Hudson Booksellers, cafes, specialty retail and duty free shops in 83 airports and transportation terminals in the USA and Canada, and operates in 24 of the top 25 airports in the US. See www.hudsongroup.com