Dufry and Edizione have successfully closed the transfer of the 50.3% stake in Autogrill S.p.A held by Edizione S.p.A (through a wholly owned subsidiary) to Dufry. Through the closing, Edizione has become the largest shareholder of Dufry. Dufry will launch a mandatory public exchange offer on the remaining Autogrill shares.
Dufry is the parent company of Hudson, while Autogrill owns HMSHost. The combination of Dufry, a global leader in travel retail, and Autogrill, a global leader in travel food and beverage, creates an integrated travel experience player, Dufry said.
Integration of the two parent companies will begin immediately, but details on how that will play out in the U.S. market have not been revealed.
Combined, the two companies serve 2.3 billion passengers in more than 75 countries, Dufry estimates. Together they operate around 5,500 outlets around 1,200 airports and other locations, with turnover of CHF 14 billion (US$15.1 billion) and CHF 1.3 billion (US$1.4 billion) of EBITDA, on a pro-forma 2019 basis.
Through the closing, Edizione – holding a stake of about 27.5% – has become the largest Dufry shareholder, joining Dufry’s other long-standing shareholders, and Alessandro Benetton has become Honorary Chairman of Dufry, while Juan Carlos Torres continues as Chairman of the new enlarged company
Dufry CEO Xavier Rossinyol will lead the combined group as CEO. Yves Gerster will continue as the group’s CFO. Gianmario Tondato Da Ruos, the former Autogrill CEO, resigned his position upon completion of the merger, as did five other top executives. Dufry named Paolo Roverato, former chair of Autogrill’s board of directors, as the new CEO of Autogrill.