Italy's Autogrill has acquired airport retail business World Duty Free from Spain's Ferrovial and a remaining stake in joint venture Aldeasa.
Autogrill said today it bought the World Duty Free for an enterprise value of £543.5 million and had entered into a 12-year concession agreement with Ferrovial's British airports operator BAA.
The Spanish construction and services group acquired World Duty Free when it took over BAA in 2006 and is selling it to help pay down debt before a delayed £10 billion refinancing.
Autogrill also acquired the 49.95 per cent stake it does not own in joint venture Aldeasa, which operates in the airport duty free business. This brings its stake in Aldeasa to 99.90 per cent.
The Aldeasa move comes after Imperial Tobacco's acquisition of Autogrill's partner in the venture, Spain's Altadis.