LONDON – Autogrill, the Italian restaurant and retail company, said Monday it has inked a deal to acquire the World Duty Free Europe travel-retail operator.
Autogrill also will increase its holding in Aldeasa, which operates stores in airports and museums, by 49.95 percent, giving it a 99.9 percent stake in that firm.
WDF is the retail division of the British Airports Authority, which was acquired in 2006 by a consortium led by Spanish infrastructure group Ferrovial. Autogrill will buy the Aldeasa stake from Altadis.
Autogrill said the combined enterprise value of the acquisitions is 1.07 billion euros, or $1.64 billion at current exchange.
“Through these transactions, Autogrill becomes the world¹s leading provider in the fast-growing airport retail market,” said Gianmario Tondato Da Ruos, Autogrill’s chief executive officer.
Autogrill, which is listed on the Milan Stock Exchange, is controlled by Edizione Holding SpA, the Benetton family’s financial arm.
The WDF and Aldeasa deals are subject to European Competition Commission clearance.
For complete coverage, see Tuesday’s issue of WWD.