Ar Clients Dufry Milestone Timeline Bubble (1)

M&A enabler – levelling up our strategic dialogue

Juneclients

In May, UniCredit acted as financial advisor to Swiss travel retail player Dufry AG (now Avolta AG) in its acquisition of Autogrill SpA – a leading operator of food and beverage services since 1947 active in thirty countries.

Ar Clients Dufry Story Chapter (1)

The tie-up created a new Group with a dual purpose at its core: to develop a new range of products and services to meet the challenges of a sector in constant evolution, and to improve and innovate the customer experience around travelling.

The transaction valued Autogrill at circa. €4 billion, and took place in two steps – firstly, with the transfer of controlling shareholder Edizione’s shares in Autogrill in exchange for newly issued Dufry shares.

Dufry then launched a mandatory public exchange tender offer on the remaining shares of Autogrill, offering shareholders the possibility to exchange Autogrill for Dufry shares at a rounded exchange ratio. 

The tender offer was completed successfully with a final shareholding of Dufry in Autogrill of 94.5%, allowing the subsequent buyout of minorities and delisting.

The transaction at once underlines our public M&A credentials, as well as the close collaboration between various industry and capital markets teams – UniCredit truly Unlocked as impactful content meets seamless market execution.

Riccardo Penati

“We want to be able to support our clients across the full spectrum of advisory and capital markets products – delivering impactful content, as seen here on the retail side, as well as execution capabilities. For us, it’s about showing our value and having as many strategic conversations as possible.”

Riccardo Penati

Head of Consumer, Healthcare and Retail Investment Banking

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