Swiss travel retailer Avolta is strengthening its position in Asia Pacific after agreeing to acquire Free Duty from NWS Holdings.
The acquisition will be fully funded with Avolta’s cash, without requiring equity or additional funding.
Avolta expects its revenue from Asia Pacific to increase by US$296.9 million following the completion of the deal.
The retailer has a portfolio of more than 340 stores across 10 countries and markets in the region.
“Since launching our Destination 2027 strategy, we have been consistent and deliberate in growing our business, both organically and through bolt-on M&A,” said Xavier Rossinyol, Avolta CEO.
“By entering into a deal for this strategic acquisition, we are more than doubling our points of sale in Hong Kong and, importantly, more than tripling our access to travellers – now at nearly 150 million each year,” said Freda Cheung, Avolta Asia Pacific president and CEO.
