Dufry announced today that it successfully concluded the acquisition of The Nuance Group on Sept. 9. The purchase was based on a consideration of CHF 1.55 billion, on a debt- and cash-free basis.
The combination of both companies will confirm Dufry as the global leader in the travel retail industry with presence on 5 continents and in 63 countries, as well as at 239 airports, managing and operating close to 1,750 shops, says the official statement.
Julian Diaz, Dufry’s CEO, welcomed the Nuance colleagues and commented: “Today, another major step is achieved. With the Nuance acquisition we’re continuing our global strategy of profitable growth and diversification. The combination of Dufry and The Nuance Group strengthens our concession portfolio. It further adds countries and operations that fit well with Dufry’s regional strategy. Thanks to the Nuance acquisition, we increase our presence in Asia, the Mediterranean region, northern and central Europe, and North America.”
Dufry will now start integrating Nuance into its organization and expects to generate first synergies in 2015. It expects that full improvement of approximately CHF 70 million per year will be reached by 2016.
In his comments, Diaz continued: “Dufry expects to get an improvement in the gross margins through increased pur- chasing power and through the integration of Nuance into our supply chain and logistics platform. Furthermore, Dufry expects that the consolidation of the global and regional organizations, as well as global support functions, will create significant value for the Group.”