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LONDON Autogrill has indulged in some duty free shopping. The Italian restaurant and retail company announced Monday it has agreed to acquire the World Duty Free Europe travel-retail operator and will increase its holding in Aldeasa, which operates stores in airports and museums, by 49.95 percent, giving it a 99.9 percent stake in that firm.
Autogrill claims the acquisitions will make it the world's largest travel-retail operator.
WDF is the retail division of the British Airport Authority, which was acquired by a consortium led by Spanish construction and transport services firm Ferrovial in 2006. Autogrill will buy the Aldeasa stake from Altadis.
Autogrill stated that the combined enterprise value of the acquisitions weighs in at 1.07 billion euros, or $1.64 billion at current exchange.
"Through these transactions, Autogrill becomes the world's leading provider in the fast-growing airport retail market," stated Gianmario Tondato da Ruos, Autogrill's chief executive officer. "WDF's strong platform in one of the world's leading airports and its retail operational excellence will allow the group to enhance its development plans and to create new value for our shareholders. At the same time, I am extremely pleased to continue to strengthen our collaboration with colleagues at Aldeasa."
Autogrill will purchase WDF, which reported 2007 net revenues of 420.5 million...