IFLR1000

Dufry €1.3 billion acquisition of stake in World Duty Free

29/3/2015
Acquisition finance, Investment grade bond/note issue, Public acquisition
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€ 1.3 billion

$ 1.462 billion

Completed

29/3/2015

Overview:

  • Dufry has acquired €1.3 billion of shares in World Duty Free from Edizone.
  • The deal values the company at €3.6 billion.
  • Edizone is controlled by the Benetton family.
  • The deal is being financed through a combination of a SFr2.2 billion rights offer and a €3.6 billion bridge facility.
  • BNP Paribas, Credit Suisse, Goldman Sachs International and UBS acted as underwriters on the rights issue.
  • BBVA, Goldman Sachs, ING, Santander, UBS and UniCredit acted as lenders on the bridge facility.

Sam Duke - Editor

Jurisdictions:

Italy
Switzerland

Deal types:

Acquisition finance
Investment grade bond/note issue
Public acquisition

Practice area:

M&A

Industry sectors:

Consumer goods and services
Tourism

Firms:
Bonelli Erede Lombardi Pappalardo

Party: Edizione Holding (Seller)

Lawyers: Paolo Daino, Sergio Erede

Clifford Chance

Party: World Duty Free (Management)

Lawyer: Paolo Sersale

Dittmar & Indrenius

Party: Dufry (Acquirer)

Lawyer: Jan Ollila

Gianni & Origoni

Party: Dufry (Acquirer, Borrower, Issuer)

Lawyers: Andrea Aiello, Antonio Segni, Francesco Gianni, Giuseppe De Simone

Homburger

Party: Dufry (Acquirer, Borrower, Issuer)

Lawyers: Frank Gerhard, Jürg Frick

Linklaters

Party: BBVA (Lender)

Party: Goldman Sachs (Lender)

Party: ING (Lender)

Party: Banco Santander (Lender)

Party: UBS (Lender)

Party: Unicredit (Lender)

Lombardi Segni & Associati

Party: World Duty Free (Target)

Niederer Kraft Frey

Party: BBVA (Lender)

Party: Goldman Sachs (Lender, Underwriter)

Party: ING (Lender)

Party: Banco Santander (Lender)

Party: UBS (Lender, Underwriter)

Party: Unicredit (Lender)

Party: BNP Paribas (Underwriter)

Party: Credit Suisse (Underwriter)

Lawyers: Marco Häusermann, Philippe Weber, Thomas Brönnimann

Slaughter and May

Party: Dufry (Acquirer, Borrower, Issuer)

Lawyers: Matthew Tobin, William Underhill (retired)

Wachtell Lipton Rosen & Katz

Party: Dufry (Acquirer, Borrower, Issuer)

Lawyers: Gordon Moodie, Gregory Pessin

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