Dufry acquires Nuance Group for 1,27 billion euros

With the acquisition of Nuance Group, Swiss based travel retail group Dufry reaches a global market share of 15% with a presence in 63 countries and 239 airports.

Nuance Group is the sixth world player in travel retail. In 2013, Nuance Group generated revenues of CHF 2.1 billion (EUR 1.7 billion).

The acquisition by Dufry was funded with a combination of equity and debt: a capital increase of about a thousand million Swiss francs (820 million euro) and the opening of a new line of credit for 550 million Swiss francs (451 million euro).

At the same time the private equity fund PAI Partners and the Italian Gecos (financial holding company that owns the group Pam) exited the Nuance Group. The two partners controlled Nuance since 2011, when the company buyout transaction was valued at 676 million francs (555 million euro).

Dufry at Sao Paulo International Airport