Dufry Buys Remaining Stake in Greece's HDF for 328 Mln Euro
Thursday, 12 December 2013
Swiss travel retailer Dufry said it was buying the 49% stake in Hellenic Duty Free (HDF) it does not already own from Greek rival Folli Follie for 328 million euro ($452 million), Reuters reported.
Dufry acquired 51% of HDF in October 2012 for 200.5 million euro, with an option to acquire the remaining 49% in 2016, the news agency recalled.
Dufry said the operation had contributed 274 million Swiss francs ($309.3 million) to group revenue between April and September. It expects to achieve an incremental 10 million euro in synergies thanks to the deal, Reuters added.
Dufry plans to refurbish and expand retail space at key airports in Greece, where HDF generates more than 80% of the turnover of its 111 shops with international visitors.