Dufry AG said on Monday it had agreed with Alibaba Group Holding Ltd. of setting up a joint venture in China, while the tech giant planned to invest in Dufry.
The Switzerland-based travel retailer said the joint venture in the Chinese retail travel market would be owned 51% by Alibaba and 49% by Dufry.
“As part of this collaboration, Alibaba Group will invest in Dufry up to a maximum of 9.99% of the post-offer share capital and will participate in its ordinary capital increase, which is subject to the approval of Dufry shareholders upon of its next EGM on October 6, 2020, ”the company said.Dufry had previously committed to invest up to 415 million Swiss francs ($ 450.8 million) in the purchase of shares of Advent International Corporation. This, along with the planned investment with Alibaba, means that Dufry will propose the issuance of up to 25 million shares, or approximately CHF 700 million in gross proceeds, at its extraordinary general meeting, he said. he declares.
Alibaba plans to buy shares at the same price as Advent International of CHF 28.50 per share but will not invest more than CHF 250 million, Dufry said.
Write to Olivia Bugault at [email protected]