Home / Knowledge / News / Dufry executes merger with Hudson Group
Dufry executes merger with Hudson Group
16
Oct '08
On 15 October, 2008, Dufry closed the merger agreement which was signed on 3 September, 2008, with Hudson Group Holdings, Inc (Hudson), following receipt of required regulatory approvals. As planned when the merger was announced, the execution of the transaction consisted of a share swap and the refinancing of Hudson's debt.

As consideration for the equity of Hudson, Dufry issued 4,218,750 new shares from its authorized capital as well as mandatory convertible notes (MCN), which will be converted into 932,704 new shares of Dufry on 9 December, 2008.

Both, the new shares as well as the MCN, will be provided to Hudson's current shareholders in exchange for 88.8% of Hudson's share capital, which has been valued at USD 396 million. The number of Dufry shares to be issued were fixed at the time of announcement on 3 September, 2008 and are based on a share price of the Dufry AG share of CHF 85.0.

As planned when the merger with Hudson Group was announced in September, Dufry has assumed Hudson's debt of approximately USD 390 million as part of the transaction. In this respect, Dufry has entered into a new 5-year committed syndicated facility of approximately CHF 1,250 million, which has been fully underwritten by Banco Santander, BNP Paribas, ING, Raiffeisen Zentralbank, and Royal Bank of Scotland. The facility has been used to refinance Hudson's debt as well as Dufry's existing bank debt.

Hudson Group is the premier travel retailer in North America with 540 duty-paid stores in 70 airports and transportation terminals throughout the United States and Canada. In 2007, Hudson generated a turnover of USD 666 million and EBITDA reached USD 85 million resulting in an EBITDA margin of 12.8%.

The transaction will further reinforce Dufry's leading global position in travel retail and strengthen Dufry's presence in the duty paid segment of the industry. The combined group will operate around 1,000 shops at 137 airports with a 2007 pro forma combined turnover of approximately CHF 2.6 billion.

Dufry and Hudson have appointed a joint integration team to focus on the combination and to realise synergies of approximately CHF 20 million within two years. Furthermore, Dufry and Hudson also start the international roll-out of the Hudson business model, which will result in additional top-line and profitability growth on top of the synergies mentioned above.

Dufry


Must ReadView All

Textiles | On 25th Sep 2017

SVP Group to build $300 mn spinning plant in Sohar

ShriVallabh Pittie Industries (SVP) Group, a diversified yarn...

Apparel/Garments | On 25th Sep 2017

Vietnam textile sector to gain if EU FTA gets ratified

Experts feel the Vietnam-European Union (EU) free trade agreement...

Courtesy: Business Wire

Textiles | On 25th Sep 2017

Invista to use ADN technology at joint project in France

Invista, a leading producer of chemical intermediates, polymers, and...

Interviews View All

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search