Cleary Gottlieb is acting as U.S. antitrust counsel to Autogrill in its announced combination with Dufry to create a global company in the food & beverage and retail services for travelers.
On Monday, July 11, 2022, Edizione and Dufry announced an agreement for a strategic business combination between Autogrill and Dufry. Edizione currently owns a 50.3% stake in Autogrill. The merger of two leading operators in their respective sectors will create a global player with combined revenues of more than €12 billion (2019 - pre-pandemic).
As a result of the transaction, Dufry is expected to launch at closing a mandatory tender exchange offer to exchange Autogrill shares for Dufry shares or, alternatively, for cash. Edizione will become the largest shareholder of the new group, of which it will hold a stake of approximately between 25% and 20% at the end of the transaction, depending on the level of subscription to the mandatory tender exchange offer.
For more information, please see the press release here.