Global travel retailer Dufry has entered into definitive agreement to acquire all equity interests it does not already own in North American travel experience company Hudson.
Under the agreement, Dufry will acquire the rest of Hudson Class A share unit for $7.70 per share in a deal worth around $311m.
The deal is unanimously recommended and approved by the independent directors of Hudson.
Once completed, Hudson will be delisted from the New York Stock Exchange and become an indirect wholly-owned subsidiary of Dufry.
Hudson CEO Roger Fordyce said: “While our ownership structure will change as a result of the proposed Transaction, the re-integration of Hudson into Dufry will further facilitate the execution of our business strategy.
“Hudson successfully implemented its business and growth plans as a wholly-owned Dufry subsidiary for nearly nine years prior to our initial public offering in 2018.
‘’Our strategy remains unchanged to serve as the all-encompassing travel partner and we will continue to focus on our four key pillars: travel convenience, speciality retail, duty-free, and food and beverage.”
Completion of the transaction is subject to approval by the holders of a majority of Hudson’s outstanding common shares, expected to finalise in the fourth quarter of this year.
Hudson, which operates more than 1,000 stores in airports, commuter hubs, landmarks and tourist destinations, sold 57.4% of its ownership to Dufry in 2018.