On March 30, 2015, Dufry announced that it has entered into a binding agreement with Edizione S.r.l. to acquire its 50.1% stake in World Duty Free S.p.A (“WDF”) for EUR 10.25 per share in cash, valuing the entire fully diluted share capital of WDF at EUR 2.6 billion (CHF 2.7 billion) and implying an enterprise value of EUR 3.6 billion (CHF 3.8 billion). Following completion of Edizione’s stake in WDF, Dufry will launch a mandatory tender offer for the remaining 49.9% of WDF’s outstanding shares for EUR 10.25 per share in cash.