Dufry AG has closed the acquisition of the 50.1% stake of World Duty Free S.p.A. from Edizione S.r.l. for EUR 10.25 per share in cash, corresponding to a total consideration of EUR 1,310 million. Subsequently, Dufry AG will launch a mandatory tender offer in Italy for the remaining 49.9% shares for an offer price of EUR 10.25 per share. The acquisition will enhance Dufry AG's position in the global duty-free and travel retail market with a market share of approximately 24% and operations in 62 countries and close to 400 locations.

The acquisition was funded through a combination of a fully committed debt bridge facility of EUR 3,600 million, a rights issue raising CHF 2,200 million fully secured by a firm underwriting by a banking consortium as well as commitments by three sovereign wealth funds and the issuance of senior notes in the aggregate principal amount of EUR 700 million.

Dufry AG is advised as to Swiss law by Homburger on this transaction, its financing and the mandatory tender offer. The Homburger team is led by partner Frank Gerhard (Corporate | M&A) and comprises partners Jürg Frick (Financial Services), Dieter Grünblatt (Tax) and Stefan Oesterhelt (Tax), counsels Micha Fankhauser (Corporate | M&A) and Eduard de Zordi (Financial Services) and associates Marc Hanslin (Corporate | M&A), Valentin Jentsch (Corporate | M&A) and Simone Gloor (Financial Services).