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Dufry to buy travel retailer Nuance Group for $1.72bn

RBR Staff Writer Published 05 June 2014

Swiss duty-free operator Dufry has agreed to acquire 100% stake in travel retailer Nuance Group for $1.72bn on a debt- and cash-free basis.

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Nuance operates close to 75,000 square meters of retail space in 66 locations across 19 countries in Europe, Asia and North America.

Last year, Nuance generated a turnover of CHF2.1bn ($2.3bn) and an adjusted EBITDA of approximately CHF156mn. Dufry has about 1,400 shops and generated revenue of CHF3.6bn in 2013.

Commenting on the deal, Dufry CEO Julian Diaz said the combination of both organizations will further strengthen their current concession portfolio, adding new countries and operations that have a very strong fit with Dufry's regional strategy.

"Nuance will reinforce our presence in Asia, Mediterranean, North and Central Europe and North America,'' Diaz added.

"The acquisition of The Nuance Group by Dufry is a transformational deal not only for Dufry but also for the travel retail industry."

Dufry will integrate Nuance into its organization and expects to generate cost synergies starting in 2015.

Image: Dufry acquires The Nuance Group for $1.72bn. Photo: FreeDigitalPhotos.net/ photostock.