The Basel-based global travel retailer with operations in 41 countries has acquired five operations in emerging markets.
The new businesses are Interbaires, the leading airport retailer in Argentina, airport retail operations in Uruguay, Ecuador, Armenia and Martinique, as well as a wholesale platform
This will add 21 shops in ten airports. Dufry has paid a price of $957 million (SFr735 million).
In a statement on Thursday, Dufry claimed the acquisitions marked “exciting new businesses, high growth and strong concessions”.
It pointed out that Interbaires was the leading travel retailer in Argentina, operating duty free shops in the Ezeiza and Aeroparque airports in Buenos Aires, as well the airports in Bariloche, Cordoba and Mendoza.
Dufry will integrate all the businesses in the next 12 months and expects to generate cumulative synergies of approximately $25 million over the next two years.