GIC, Temasek to each acquire up to 450m Swiss francs of shares in Dufry
Swiss travel retailer is raising funds to buy Italy's World Duty Free
Singapore
GOVERNMENT of Singapore Investment Corp (GIC) and Temasek Holdings have each committed to buying up to 450 million Swiss francs (S$641.1 million) worth of shares in Swiss travel retailer Dufry, which is raising funds to acquire Italy's World Duty Free (WDF).
In a release on Monday, Basel-based Dufry announced that it will acquire holding company Edizione's 50.1 per cent stake - held by the Benetton family - in WDF at 10.25 euros per share, after which it will launch an offer for the remaining 49.9 per cent stake at 10.25 euros per share. It will acquire the 50.1 per cent stake in Q3 2015.
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