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NKF advised on the financing of the acquisition of The Nuance Group AG by Dufry AG

August 2015

On 4 June 2014, Dufry AG ("Dufry"), a Swiss corporation listed on the SIX Swiss Exchange, announced that it had signed an agreement to acquire 100% of The Nuance Group AG ("Nuance"), a global travel retailer based in Zurich, for a consideration of CHF 1.55 billion.

The acquisition is being financed through a combination of equity and debt financing, including:

  • CHF 810 million raised in connection with a rights offering by Dufry (closed on 14 July 2014);
  • CHF 275 million in connection with the issuance of mandatory convertible notes by Dufry Financial Services B.V. convertible into ordinary shares of Dufry (closed on 13 June 2014);
  • EUR 500 million in connection with the issuance of high yield notes by Dufry Finance SCA (closed on 17 July 2014); and
  • CHF 1,600,000,000 term loan bridge facility (commitments reduced with the proceeds raised in the above described rights offering and mandatory convertible notes), USD 1,010,000,000 term facility, EUR 500,000,000 term facility and CHF 900,000,000 multicurrency revolving credit facility (closed on 3 June 2014).

Following completion of the acquisition, Dufry will be a leader in the global duty free and travel retail market, with global and geographically diversified operations across all continents.

The NKF team was led by Philippe A. Weber and further comprised Thomas Brönnimann (partner, rights offering and high yield bond), Marco Häusermann (partner, credit facility), Daniel Bono (partner, mandatory convertible notes) and Christina Del Vecchio (senior associate, mandatory convertible notes, rights offering and high yield bond).

Legal Developments by:
Niederer Kraft Frey AG

  • GrenzĂĽberschreitende Finanzdienstleistungen

    Der Finanzbereich ist auch in der Schweiz einer der am stärksten regulierten Wirtschaftzweige. Sich darin zurechtzufinden ist nicht immer einfach. Nachfolgende Ausführungen sollen dazu einen Einstieg vermitteln. Sie zeigen, dass die Schweiz im Gegensatz zum Ausland und abgesehen vom Bereich der kollektiven Kapitalanlagen und der Versicherungsprodukte, was die Zulässigkeit von grenzüberschreitend angebotenen Finanzdienstleistungen anbelangt, ein sehr liberales Regime kennt.
    - Niederer Kraft & Frey

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