(MENAFN) Switzerland's Dufry group will acquire majority stake in chief rival World Duty Free (WDF) in a USD3.8 billion deal to create the biggest travel retailer in the world, The Peninsula Qatar reported.
The Basel-based company said it will shell out USD11.15 per share for 51.1 percent share in airport tax and duty free retailer WDF, owned by Italy's Benetton family.
Dufry also made a mandatory offer for the rest of WDF and will launch a share offer to fund the acquisition, targeting what it called "some key investors and banks."
Dufry, which operates around 1,650 stores in airports, cruise liners, railway stations and department stores around the world, employs 20,000 people in 60 countries.
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