Dufry Group to acquire Alliance Duty Free

Gavin Lipsith

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The group will pay $157m for Alliance, the long-term concessionaire at Luis Muñoz Marin International airport in Puerto Rico.

Dufry Group has signed an agreement to acquire Alliance Duty Free, which operates travel-retail outlets in Puerto Rico and at other Caribbean locations. Dufry agreed to purchase the retailer, which operates 23 outlets, for $157m from owner Luis Bared, who will remain president of the group.

The deal, which has been filed for clearance with anti-monopoly authorities, will be funded through debt. Dufry said that the retailer would form part of its North American and Caribbean division.

Dufry CEO Julián Díaz said: “We are delighted that this transaction will enhance the quality of our concession portfolio centred on emerging markets and tourist locations. This transaction, together with the IPO in Brazil of our subsidiary Dufry South America, is another step towards achieving our goal for the past three years of being the leader in travel-retail and maximising the value for our shareholders”.