Hudson completes merger with Dufry; becomes wholly-owned subsidiary

By Andrew Pentol |

The closing of the transaction followed a general meeting of Hudson’s shareholders.

Hudson Group has completed the previously announced merger with Swiss company Dufry Group.

As reported, Dufry Group announced it had entered into a definitive agreement to acquire the remaining 42.6% equity interest it did not own in Hudson Group back in August.

The closing of the transaction earlier today (1 December 2020) follows a special general meeting of Hudson’s shareholders. This was held virtually on 30 November 2020.

During the meeting, Hudson’s shareholders voted to approve and adopt the merger agreement and related Statutory Merger Agreement between Hudson, Dufry AG and Dufry Holdco Ltd.

Following shareholder approval and in accordance with the terms of the Merger Agreement, Hudson became an indirect wholly-owned Dufry subsidiary.

Hudson’s Class A shareholders are entitled to receive $7.70 in cash for each Class A share held.

Trading in Hudson’s Class A common shares on the New York Stock Exchange has been suspended with immediate effect following the completion of the merger. The shares will be delisted in approximately 10 days.

Julian Diaz, CEO of Dufry Group commented: “The full re-integration of Hudson into Dufry is an important element in adapting the company to the new business environment. It will allow us to reduce complexity, add agility in the decision making process and reduce costs related to the separate listing.

“From a strategic perspective we will continue to focus on duty-free and duty paid travel retail as well as opportunities in alternative channels such as airport food & beverage operations.”

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