Dufry AG (Dufry), a Swiss corporation listed on the SIX Swiss Exchange, announced that it has entered into a binding agreement with Edizione S.r.l. to acquire Edizione's 50.1% stake in Italian based World Duty Free S.p.A. (WDF) for EUR 10.25 per share in cash, implying an enterprise value of WDF of EUR 3.6 billion (CHF 3.8 billion). Following completion of the acquisition of Edizione's stake in WDF, Dufry will launch a mandatory tender offer for the remaining 49.9% of WDF's outstanding shares for EUR 10.25 per share in cash.

The acquisition is being financed through a combination of equity and debt financing, including:

   * CHF 2.2 billion raised in connection with an "at-market" rights offering by Dufry (closed 29 June 2015)
   * EUR 3.6 billion (CHF 3.8 billion) fully committed bridge facility provided by BBVA, Goldman Sachs, ING, Santander, UBS and UniCredit

The rights issue was fully secured by a combination of a firm underwriting by a bank consortium consisting of BNP PARIBAS, Credit Suisse, Goldman Sachs International and UBS as well as commitments by GIC, QIA and Temasek.

NKF advised the underwriting banks in the rights offering and the bridge lenders. The NKF team was led by Philippe Weber and further comprised Thomas Brönnimann (partner, rights offering), Marco Häusermann (partner, bridge facility) and the associates Christine Hohl and Giulia Ghezzi.