31.03.2015 - GIC, Temasek to invest S$642m each in airport retailer Dufry
Singapore's sovereign wealth fund GIC and investment firm Temasek Holdings will invest 450 million Swiss francs (S$642 million) each in the airport retailer Dufry. They plan to purchase shares from a rights issue by Dufry, which is trying to raise funds for its billion-dollar deal to acquire Italy's World Duty Free (WDF) Group. The Swiss-based retailer is paying €1.3 billion (S$1.94 billion) to buy a 50.1 per cent stake in WDF from Italy's Benetton family through its holding company Edizione. The deal will trigger a mandatory offer for the balance of World Duty Free's outstanding shares at the same terms. Under the terms, Dufry will pay €10.25 per share in cash for each WDF share, valuing the Italian firm at about €3.6 billion after taking into account debt, which stood at €970 million at the end of last year...............................................Full Article: Source
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