Homburger advised Dufry on the strategic joint venture with Alibaba Group
Dufry further announced that the willingness to propose an ordinary capital increase of 25 m new shares, which would result in gross proceeds of approximately CHF 700 m from the previously announced rights offering. The envisaged proceeds are planned to be used to finance the previously announced acquisition of all remaining equity interest in Hudson Ltd. (NYSE: HUD) and for general corporate purposes, which may include the setup and operations of the JV.
In connection with this collaboration and the rights offering, Dufry has secured a CHF 250 m equity investment commitment from Alibaba Group to purchase offered shares not taken up by existing shareholders or purchased by Advent International, up to a maximum of 9.99% of the post-offering share capital in Dufry. Alibaba Group agreed to invest at the same price per share as Advent International, which has previously committed to invest up to CHF 455 m at CHF 28.50, even if the offer price determined in the bookbuilding procedure should be lower.