Folli Follie to sell Hellenic duty free shops
2012-10-11 12:42:35
Greece’s Folli Follie Group has reached agreement for the sale of a controlling stake in its travel retailing subsidiary Hellenic Duty Free (HDF) Shops to Switzerland’s Dufry AG.
Dufry AG will pay €200.5 million for a 51% stake in HDF, will cover its €335 million debt through a bond loan and have the right to acquire the remaining 49% in four years’ time.
The current management, headed by CEO Giorgos Velentzas, will be retained.