Tag Archives: CapLaw-2014-30

Dufry AG acquires The Nuance Group AG

On 4 June 2014, Dufry AG (Dufry), a Swiss corporation listed on the SIX Stock Exchange, announced that it has signed an agreement to acquire 100% of The Nuance Group AG, a global travel retailer based in Zurich, for a consideration of CHF 1.55 billion. While the transactionrelated funding was fully secured through a committed bridge financing, the acquisition is ultimately being financed through a combination of equity and debt financing, including through a rights offering and the issuance of mandatory convertible notes and high yield notes. In addition, Dufry has refi nanced its existing bank debt facilities and extended their maturity profi le to further facilitate the acquisition. The transaction is expected to close in the third quarter of 2014, subject to customary regulatory approvals and other customary closing conditions. Following completion of the acquisition, Dufry will be a leader in the global duty free and travel retail market, with global and geographically diversifi ed operations across all continents.