Duty-free retailer Dufry (DUFN.S) said on Monday it would acquire Italian airport and motorway caterer Autogrill (AGL.MI). The acquisition will expand the Swiss company’s growth opportunities in international markets as travel rebounds.

Duty-free retailer Dufry (DUFN.S) said on Monday it would obtain Italian air terminal and motorway caterer Autogrill (AGL.MI), extending the Swiss organization’s valuable learning experiences in worldwide business sectors as movement bounce back.

Italy’s Benetton family – the biggest financial backer in Autogrill through its Edizione holding organization – will move its whole 50.3% stake to Dufry at a trade proportion of 0.158 new Dufry shares for each Autogrill share, as per Dufry.

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Edizione will turn into Dufry’s biggest investor with a stake of between around 25% and 20%.

After the exchange, Dufry will send off a delicate proposal for the excess Autogrill shares, wherein investors would get 0.158 new Dufry shares for each Autogrill share. On the other hand, Autogrill investors will get a money part of 6.33 euros ($6.43) per Autogrill share.

Xavier Rossinyol will lead the consolidated Group as CEO, Dufry said, adding that Autogrill’s ongoing CEO Gianmario Tondato da Ruos will take on the place of chief executive of the North American business of the joined element.

The organizations had affirmed they were in non-selective discussions in late June.

Basel-based Dufry works around 2,200 shops at air terminals, luxury ships, seaports and other vacationer areas around the world.

Dufry’s natural deals dramatically increased in the principal quarter of 2022, driven by serious areas of strength for an in European travel as Covid controls were facilitated. Be that as it may, natural deals were as yet 40% underneath pre-pandemic levels in 2019.

Autogrill runs bars, bistros and eateries at 139 air terminals universally, remembering 80 for North America, as well as on motorways in Europe.

Dufry said the joined organization will take special care of 2.3 billion travelers in excess of 75 nations, creating income of 13.6 billion Swiss francs ($13.90 billion) and profit before interest, expenses, deterioration and amortization (EBITDA) of 1.4 billion Swiss francs.

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