Dufry to buy Autogrill: New giant in the travel market
With the takeover of Autogrill motorway restaurants, the Swiss company Dufry is finally becoming a big player in the travel industry.
Upheaval in the travel market: the Swiss company Dufry is buying shares in the Italian motorway and airport restaurant operator Autogrill from the Benetton family. Dufry operates duty-free shops at airports and ports; there are around 2200 such shops worldwide. Autogrill specializes in restaurants and bars at service stations and airports; of its 139 branches, 80 are in North America. The takeover will create a new giant in the travel market, as Dufry, headquartered in Basel, will also be active in the restaurant business.
Exchange of shares
Specifically, the 50.3 per cent stake in Autogrill will be exchanged for new Dufry shares. This will make Edizione Holding, which belongs to Benetton, the largest shareholder in Dufry, with a stake of around 25 per cent. Following this transfer, Dufry will make an offer to the remaining Autogrill shareholders for the outstanding shares.
After the takeover, Xavier Rossinyol will become the group’s new CEO. A Dufry statement says that the newly formed group is expected to reach around 2.3 billion passengers at 5500 outlets in 75 countries worldwide. One purpose of the merger is to reduce costs – with Dufry wanting to strengthen its presence in the USA in particular.