Duty-free retailer Avolta to acquire Free Duty (updated)

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24/09/2024 09:43

(Adds details on Avolta's expectations from the acquisition)
       Sept 24 (Reuters) - Swiss duty-free retailer Avolta
 AVOL.S  announced on Tuesday it would acquire 100% of Free Duty
from Hong Kong based NWS Holdings  0659.HK .
    The acquisition would be entirely funded with cash, with no
equity or additional financing arrangements required, the
company said in a statement.
    The Basel-based company said the deal would significantly
strengthen Avolta's position in the Asia Pacific (APAC) region,
gaining access to 150 million travelers and increasing regional
sales by 250 million Swiss francs ($294.81 million).
        It would also lead towards an early delivery of the
company's Destination 2027 strategy in APAC, the company added.
  
    Avolta shares were up 3.3% following the news.
($1 = 0.8480 Swiss francs)

 (Reporting by Anastasiia Kozlova and Amir Orusov; editing by
Matthias Williams)
 ((Anastasiia.Kozlova@thomsonreuters.com;
Amir.Orusov@thomsonreuters.com))