Dufry to Focus on Integrating Nuance in 2015
Published on Mar 12 2015 6:17 AM in General Industry
Dufry, a Swiss operator of stores in travel locations, said this year’s focus will be absorbing Nuance, the rival it bought last year for $1.7 billion, while keeping an eye on further acquisition opportunities.
Dufry “will also keep scanning the market for new acquisition opportunities,” chief executive officer Julian Diaz said in a statement Thursday. The Basel-based company also reported that adjusted earnings before interest, taxes, depreciation and amortization rose 13 per cent to 575.6 million francs ($570 million), beating analysts’ estimates.
The Swiss company held talks to acquire World Duty Free SpA, an Italian airport retailer controlled by the Benetton family, people familiar with the matter said last month, asking not to be identified because talks were private.
Dufry said net debt was 2.35 billion francs, or 3.4 times adjusted Ebitda, at the end of 2014. That compares with a covenant threshold of 4.5 for the period.
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