Avolta AG
/ Key word(s): Miscellaneous
Avolta (AVOL: SIX), leading global travel experience player across retail and F&B, has entered into a deal to acquire 100% of Free Duty from NWS Holdings Limited (0659. HK), a conglomerate with a diversified portfolio of market-leading businesses predominantly in Hong Kong and the Mainland. The deal would see Avolta’s positioning significantly strengthened in the Asia Pacific (APAC) region, gaining access to 150 million travelers and increasing regional sales by CHF 250 million. The acquisition of Free Duty, a leading border travel retail operator in Hong Kong and the Greater Bay Area, would lead towards an early delivery of Avolta’s Destination 2027 strategy in APAC, generating accelerated revenue growth at attractive margins. The closing of the transaction is subject to customary conditions precedent. With Free Duty’s 2024 revenue forecasted to around CHF 250 million (based on FY’23 figures), the deal considers current consumer behavior in the region, a factor also reflected in the conditions, providing an appealing investment opportunity supported by the region’s expected profitable growth in the years ahead through a continuous increase in passenger numbers. All Free Duty stores will benefit from the recently announced tripling of Duty-free allowances for mainland Chinese travelers returning from Hong Kong or Macau from RMB 5,000 (USD 690) to RMB 15,000 (USD 1,650). *108m PAX in 2023 FY for all three locations For further information:
End of Media Release |
Language: | English |
Company: | Avolta AG |
Brunngässlein 12 | |
4010 Basel | |
Switzerland | |
Phone: | +41612664444 |
E-mail: | Headoffice@dufry.com |
Internet: | https://www.avoltaworld.com/ |
ISIN: | CH0023405456 |
Listed: | SIX Swiss Exchange |
EQS News ID: | 1994447 |
End of News | EQS News Service |
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1994447 24.09.2024 CET/CEST
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