Folli Follie sells remaining stake in HDF to Dufry for 328 million euros
Folli Follie came to an agreement on Wednesday to sell a 49 percent stake of Hellenic Duty Free (HDF) to Swiss travel retailer Dufry AG for 328 million euros.
Dufry will pay 175 million euros in cash and 1,231,233 ordinary shares, valued at 153 million euros, that Dufry will issue to Folli Follie Group from its authorised capital.
Dufry had bought a 51 percent stake in the Greek travel retailer in April 2013, with an option to acquire the remaining 49 percent in the future.
"We are very excited, as this is a landmark transaction for the Group and a vote of confidence not only for the Greek activities of Duty Free, but also for the Greek business climate. Such actions support the country's efforts to attract new investments," Folli Follie managing director Dimitris Koutsolioutsos commented on the agreement.