Alibaba Takes 6.1% Stake in Travel Retailer Dufry
20 10월 2020 - 4:06PM
Dow Jones News
By Pietro Lombardi
Chinese e-commerce giant Alibaba Group Holding Ltd. is taking a
stake of 6.1% in Dufry AG as part of a roughly $900 million capital
increase.
Alibaba and Swiss-based travel retailer Dufry disclosed plans to
form a joint venture earlier this month to develop the business in
China. The Chinese group will also invest CHF69.5 million in Dufry
via convertible notes.
Also investing in Dufry is private-equity group Advent
International Corp., which, after the capital increase is
completed, will have a 11.4% stake.
Dufry said Tuesday that it expects to raise 820 million Swiss
francs ($901.1 million) after it priced the new shares at CHF33.22
each.
Alibaba and Advent have agreed to a lock-up period of six
months.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com;
@pietrolombard10
(END) Dow Jones Newswires
October 20, 2020 02:51 ET (06:51 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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