(Reuters) -Dufry said on Monday it will acquire Italian airport and motorway caterer Autogrill, expanding the Swiss duty-free retailer’s growth opportunities in international markets.
Italy’s Benetton family – the largest investor in Autogrill through its Edizione holding company – will transfer its entire 50.3% stake to Dufry at an exchange ratio of 0.158 new Dufry shares for each Autogrill share, according to Dufry.
Edizione will become Dufry’s largest shareholder with a stake of between about 25% and 20%.
After the transfer, Dufry will launch a tender offer for the remaining Autogrill shares, wherein shareholders would receive 0.158 new Dufry shares for each Autogrill share. Alternatively, Autogrill shareholders will receive a cash component of 6.33 euros ($6.43) per Autogrill share.
Xavier Rossinyol will lead the combined Group as chief executive officer, Dufry said, adding that Autogrill’s current CEO Gianmario Tondato da Ruos will assume the position of executive chairman of the North American business of the combined entity.
The companies had confirmed they were in non-exclusive talks in late June.
($1 = 0.9843 euros)
(Reporting by Maria Ponnezhath in Bengaluru and Brenna Hughes Neghaiwi; Editing by Tom Hogue and Rashmi Aich)
