Autogrill buys duty free businesses
Autogrill SpA, the Italian operator of restaurants for travelers, on Monday said it bought a U.K.-based duty free business and took full control of a Spanish duty free chain in deals worth more than €1 billion ($1.5 billion).
Autogrill, which is controlled by the apparel-making Benetton family, said the deals made it the leading player in the airport retail market, with the largest presence in Europe and room to grow elsewhere.
Autogrill said it bought World Duty Free, a unit of airport operator BAA, in a transaction valued at £543.5 million ($1.1 billion). BAA, which runs London’s Heathrow, Gatwick and Stanstead airports, was acquired in 2006 by a group of investors led by Spain’s Grupo Ferrovial SA, which is now selling noncore assets pay day loans.
Autogrill also bought the remaining 50% of Spanish firm Aldeasa from Imperial Tobacco Group PLC, taking full control of the chain of 273 duty free shops, in a transaction valued at €275 million ($424 million).
The purchases will be funded through new debt, said Autogrill, which operates 5,200 restaurants and stores in 42 countries, mostly in airports, highways and railway stations.