China's HNA Group has struck again, acquiring a 16.79% stake in Dufry AG, a Swiss airport duty free shop operator.
No financial details were announced in a company announcement. Shares of Switzerland and Brazil-listed Dufry closed at CHF159.2 (US$160) yesterday, indicating that HNA Group is buying Dufry for a market value of around CHF1.44 billion (US$1.45 billion).
Dufry was founded in 1865, and currently operates around 2,200 duty-free and duty-paid shops located at airports, cruise liners, seaports, and other tourist destinations in 63 countries.
According to the company's 2016 annual report, Temasek Holdings and BlackRock Inc. holds 8.6% and 3.1% stakes respectively. HNA is making the purchase via its wholly owned subsidiary, Hongkong Huihaisheng Investment Co. Ltd.
Prior to Dufry, HNA had already entered the duty free se...
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