PUERTO RICO/SWITZERLAND. Dufry has closed the acquisition in Puerto Rico, announced on 9 January, of the travel retail operations of the Luis Bared Group in Puerto Rico and the Caribbean.
With this US$157 million agreement “Dufry will further strengthen its position as one of the leading travel retailers in the Caribbean,” the company said.
Dufry said it had closed the acquisition of the Puerto Rico-based group after the expiry of the waiting period required by US anti-trust laws.
The Puerto Rico based group, which is expected to exceed a turnover of US$80 million in 2006 and operates 23 travel retail shops in Puerto Rico and other Caribbean islands, will be integrated into Dufry’s North America and Caribbean Region.
At the time of the original announcement Dufry said that the Luis Bared Group had an attractive concession portfolio, with the prospect of operating its exclusive travel retail activities in San Juan’s Luis Muñoz Marin International Airport until 2031. It also has one of the highest EBITDA margins in the Dufry Group, the Swiss retailer said.
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Dufry maintains growth curve with acquisition of Luis Bared business in the Caribbean – 09/01/07
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