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Advent Sells Its Minority Stake in Dufry

The share was sold for 442.3 million Swiss francs, or $486.5 million.

LONDON — Advent International Corp., the global private equity fund, has sold its 13.07 percent stake in the publicly listed Dufry AG.

 

The shares were priced at 114 Swiss francs, or $125.40 at current exchange, which represents a 4.3 percent discount on their closing price yesterday.

 

Dufry is a global duty free company based in Switzerland and quoted on the Swiss stock exchange. It has outlets in more than 40 countries, in airports, seaports and on cruise liners.

 

It was privately owned until 2004, when Advent, along with other partners, purchased it. In 2008, Dufry bought the Hudson Group, which as reported, is behind the new retail project at JFK Terminal 1, with stores including Michael Kors, Juicy Couture and Victoria’s Secret.

 

Advent sold its stake on Friday through a related satellite company called Global Retail Group Sarl. It sold a total of 3,879,609 registered shares for 442.3 million Swiss francs, or $486.5 million.

 

Morgan Stanley & Co. International plc acted as sole book runner in the placement.

 

Other retail investments in Advent’s vast portfolio include Douglas Holding, Gerard Darel, Lululemon Athletica and Fat Face.