Dufry’s CHF 820 Million Right Offering

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On 20 October 2020, Dufry AG announced that it had successfully concluded its rights offering. The offer price of the new shares was set at CHF 33.22 per share, corresponding to the volume weighted average price of the existing shares as of market close on 19 October 2020. All 24,696,516 offered shares were sold in the offering, resulting in expected gross proceeds of CHF 820 million. 10,612,024 new shares were subscribed by existing shareholders as part of the rights offering. 9,178,033 new shares have been allocated to Advent International and 4,906,459 new shares have been allocated to Alibaba Group, each based on equity investment commitments received by Dufry ahead of the launch of the offering. Immediately following the closing of the offering, Advent International will own a stake of 11.4% in Dufry and Alibaba Group of 6.1%. Advent International and Alibaba Group have agreed to a lock-up period of six months following the first day of trading of the new shares.

Concurrently with the rights offering, Dufry and Alibaba Group have agreed a term sheet under which Alibaba Group shall invest CHF 69.5 million in Dufry via mandatory convertible notes. For this purpose, Dufry shall issue 3-year mandatory convertible notes with a 4.1% coupon per annum to Alibaba Group, convertible into approximately 2.1 million ordinary shares of Dufry at CHF 33.22 per Dufry share.

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