Dufry Group now possesses 87.13% of the share capital of food & beverage giant Autogrill S.p.A after the conclusion of an initial market tender phase.

It takes Dufry a step closer to forming a combined travel retail and F&B powerhouse worth approximately $15.5 billion (2019 pro-forma).

Based on preliminary results, 98.64% of the Autogrill shares tendered opted for the share consideration (0.1583 newly issued Dufry shares for each Autogrill share) and 1.36% of the shares tendered chose the cash alternative consideration (€6.33 for each Autogrill share).

A mandatory public exchange offer for Autogrill’s remaining shares was launched after Dufry successfully concluded the transfer of the 50.3% stake in Autogrill S.p.A held by Edizione S.p.A (via a wholly owned subsidiary) earlier this year.

“Based on the preliminary results, Dufry expects to issue approximately 22.13 million new shares; the first day of trading is expected to be May 25, 2023,” read a statement.

Click links for background:

Dufry shows clout with CHF 6,878.4m turnover; Autogrill deal aims at Q2 close

Dufry to trigger Autogrill consolidation as 50.3% share transfer completes

Regulatory green light for Dufry as it edges closer to Autogrill acquisition