UPDATED: Qatar Sovereign Wealth Fund Eyes World Duty Free
March 29, 2015 – UPDATED: Basel-based Dufry AG is moving forward on acquiring World Duty Free SpA by raising €2.1 billion by issuing new stock and getting up to €1.5 billion of long-term debt. Backing Dufry’s acquisition are sovereign wealth funds: Singapore’s GIC Private Limited, Temasek Holdings and Qatar Investment Authority (QIA). Each of the sovereign wealth funds are committing to buying up to 450 million CHF of the new shares issued by Dufry. Edizione agreed to sell its 50.1% stake in World Duty Free for €10.25 per share. Dufry will then make a mandatory bid for the rest of the shares.
The Qatar Investment Authority (QIA) and Basel-based Dufry AG, a global travel retailer, are working together on a joint bid for World Duty Free. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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