HNA Adds To Dufry Stake

August 21, 2017

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China’s HNA Group has completed the purchase of a 16.2 percent stake in Swiss airport Duty Free operator Dufry.

The stock was acquired from Singapore sovereign wealth funds GIC and Temasek. The share purchase, announced in April, takes HNA’s stake in Dufry to 20.92 percent. The value of the deal was not released.

The companies said they have started to assess possible areas of collaboration in the tourism and travel related sectors.

Basel based Dufry operates duty free and duty paid outlets at airports and other travel locations in 63 countries. HNA, based in Hainan province, China is a CNY390 billion (USD$58.58 billion) conglomerate operating in aviation, tourism and other industries worldwide.

(Airwise)