WDF sold by BAA for 550m
World Duty Free Europe Limited (WDF) has been sold by BAA for 546.6 million to the Autogrill Group.
BAA opted to sell WDF as part of an "ongoing non-core asset disposal program", which will mean a 12-year concession agreement for the operation of duty free stores at its seven UK airports.
Autogrill is a retail company specialising in the food and drink sector. It notched up some 4.8bn of sales in 2007 and its main business channels are airports, motorways and railway stations.
The company is active in 42 countries with around 700,000 employees - it has 5,200 shops globally.
Proceeds from the BAA sale will be used to repay debt in accordance with the terms of the ADI financing agreements.
The sale is subject to ECMR clearance and is expected to go through in April.
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