MILANO – The wedding is now official: the Swiss duty free giant Dufry is about to acquire Autogrill, the Italian group of Italian catering that operates in airports and highways. Dufry will launch a purchase and exchange offer that aims to withdraw the title from the market and to which the Edition of Benettons (owner of 50.3%) has already said that it will join in securities, becoming the first partner of the new giant that will be born from transaction with a share that varies between 20% and 25.2 depending on the outcome of the offer. The merger of the two companies will result in a new Group with combined revenues of over 12 billion euros and an EBITDA of around 1.3 billion (figure 2019 – pre-pandemic).
Autogrill, marriage with Dufry one step away
of Sarah Bennewitz
In fact, 0.158 newly issued Dufry shares are offered to the shareholders of the Italian group, participating in the creation of value (including 85 million francs of cost synergies), or alternatively 6.33 euros in cash: a not too generous premium, but one that allows those who prefer not to adhere to the offer to have a way out. It is no coincidence that in Milan the Autogrill shares – which rose in recent days on the wave of rumors – collapse below the prices of the cash offer, while in Zurich those of Dufry stand out in view of the synergies on costs, but also on revenues that will be created with the operation.
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As for governance, Alessandro Benetton will be honorary president, while Juan Carlos Torres will remain executive president. Enrico Laghi, CEO of Edizione, will be vice president of the new group together with Poalo Roverato, which following the operation will become CEO of Autogrill. Gianmario Tondato, historic manager of the catering group will take on the position of executive president of the integration of US activities, or the heart of the group that will be born from the merger of the restaurant chain Hms Host Autogritl and the Hudson snack and gift shops. by Dufry. Dufry’s number one Xavier Rossinyol will remain at the head of the group after the integration.
“This agreement allows for the continuation of Autogrill’s growth and development path, an asset that for Edizione will remain of a strategic nature. The merger between Autogrill and Dufry will allow the creation of the world champion in the sector, with a leadership position in various geographies. and on various services, also favored by important synergies within the new Group “, commented Alessandro Benetton, president of Edizione, commented on the agreement signed during the night with the Swiss Dufry which lays the foundations for the birth of a global giant in catering and retail services for travelers. “In this new reality – continued Benetton – Autogrill will be the protagonist, bringing its values and corporate culture as a dowry, in particular on the issues of sustainable development and innovation. In Dufry and in the current top management of the company we have immediately recognized a common vision and values, combined with a managerial culture and high-level skills recognized by the entire sector “.
Ubs, Credit Suisse and Chiomenti assisted the Swiss group in the transaction, while Citigroup, Intesa, Mediobanca and BonelliErede joined Autogrill.