Folli Follie pays $257.1m for 24.6% more of HDFS

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Greek mobile and technology retailer Germanos has sold its 24.67% holding in Hellenic Duty Free Shops (HDFS), Europe?s most profitable duty free/travel retailer, to Greek jewellery company Folli Follie for E.202m ($257.1m).

Germanos, which has been under pressure to reduce its borrowings, said it sold the holding to concentrate on its core activities.HDFS continues to hold the exclusive rights to operate duty free airport, seaport and border stores in Greece until 2048 and Folli Follie's 24.8% stake in HDFS has now risen to just over 49%.

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