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Advent to Sell Entire Stake in Airport Retailer Dufry

20 June 2013

(Reuters) Private equity firm Advent International is planning to sell its entire stake in Dufry AG, equivalent to about 13 percent of the Swiss airport retailer’s capital.

Advent has appointed Morgan Stanley as bookrunner for the placing of the 3.9 million shares, it said in a statement on Tuesday after the market close.

Based on Tuesday’s closing price of 119.10 Swiss francs per share, the entire stake is worth around 462 million Swiss francs ($498 million).

Dufry, which is listed in Switzerland and Brazil , operates duty free stores in 45 countries.

Advent first invested in Dufry in 2004 and in 2008 merged it with its U.S. travel retailer Hudson by means of a share swap.