Dufry considering IPO for North American business

Dufry announced (31-Jul-2017) it is "considering" an initial public offering (IPO) of its North American business, including both duty free and duty paid travel retail. Dufry stated the North American travel retail market "differs from Dufry's other markets in its focus on food & beverage and other specific segments, and an IPO would create strategic flexibility for the North American business to pursue growth opportunities specific to this market". Proceeds from an IPO would be used initially to reduce leverage, allowing Dufry to reach its target leverage ahead of time. After the IPO, Dufry would retain a majority stake in the business and continue to fully consolidate it. Turnover for Dufry's North American business grew to CHF849.5 million (EUR747 million) in 1H2017, with organic growth reaching 6.3% year-on-year. [more - original PR]