Spanish group takes control at Latinoamericana

Print Article E-Mail Article

Barcelona-based catering and retailing group Areas has won control of Latinoamericana Duty Free, owner of Aeroboutiques de Mexico and Deor, two of Mexico's leading travel retailers. The deal, first flagged on travelretailworld.com (9 April), will take time to complete but most of Latinoamericana's shareholders are understood to have accepted Areas' offer of Ps8.20 ($0.88) per share. The offer, made through Areas' subsidiary Geresa de Mexico, values Latinoamericana at approximately $90m.

Areas operates shops in railway stations in Spain, Portugal, Morocco, Argentina, Chile and is linked to French airport catering giant Elior. "This is a very significant move for Areas," said Juliún Diaz, general manager of Aeroboutiques de Mexico. "It is the company's first move into duty-free, which is logical as it is already an important travel retailer with interests in railway stations and in motorway service stations. The acquisition of Latinoamericana will give it a presence in airports, hotels and cruiseship piers. It will make it an important worldwide travel retailer."

Meanwhile, Aeroboutiques de Mexico has won the concessions to run duty-free shops at the cruiseship pier of Puerto Vallarta and at that of Playa del Carmen south of Cancun, which serves cruiseships and ferries to the island of Cozumel. The shops will measure approximately 60sq m (646sq ft) and will offer liquor, tobacco, fragrances, cosmetics and gifts. Construction of the shops is underway and they are expected to be operational within two months.