Dufry AG launches at-market rights offering targeting gross proceeds of approx. CHF 700m
Today, Dufry AG launched its rights offering following the receipt of shareholder approval for the ordinary capital increase at its extraordinary general meeting held on 6 October 2020. The envisaged gross proceeds of approximately CHF 700 million from the rights offering will be used in part to finance the acquisition of all the remaining equity interest in Hudson Ltd. (as previously announced), as well as for general corporate purposes, which may include the setup and operations of the newly announced joint venture with the Alibaba Group to pursue growth opportunities in China as well as to accelerate Dufry’s digital transformation. In connection with the rights offering, Dufry has secured commitments from Advent International and Alibaba Group to severally acquire a portion of the shares not purchased by existing shareholders in the rights offering (subject to certain terms and conditions).
Niederer Kraft Frey advised the Joint Bookrunners in connection with the rights offering, which was led by UBS AG, Credit Suisse AG, BNP PARIBAS, Goldman Sachs International and ING Bank N.V. as the Joint Global Coordinators and Joint Bookrunners.
The NKF team was led by partners Philippe Weber and Thomas Brönnimann, working with counsel Christina Del Vecchio (all Capital Markets).