European Union gives green light to Dufry’s takeover of World Duty Free

Swiss travel retailer Dufry has won unconditional European Union regulatory approval for its proposed takeover of Italian peer World Duty Free to create the market leader.

The deal, which values World Duty Free at 3.6 billion euros, was approved on August 5, a day ahead of a scheduled EU deadline, according to the European Commission website.

Dufry acquired the Italian stake from Edizione, the holding company owned by the Benetton family.

Afterwards, the Swiss group made an offer for the rest of World Duty Free, which operates stores at airports including London’s Heathrow and Gatwick.

Funding will be provided by the Singaporean sovereign-wealth fund GIC Pte, the Qatar Investment Authority and Temasek Holdings Pte, with each investing as much as 450 million francs in Dufry.