Strategic agreement for the integration of Autogrill and Dufry

On 11 July 2022, Edizione, one of Europe's leading industrial holding companies and wholly owned by the Benetton family, announced a strategic agreement for the integration between Autogrill and Dufry to create a global company in food & beverage and retail services for travelers. At the end of the transaction, Edizione, which currently owns a 50.3% stake in Autogrill, will become the largest shareholder of the new group, which will be based in Switzerland. Edizione will hold a stake between about 25% and 20%, depending on the level of subscription to a mandatory tender exchange offer, which Dufry is expected to launch at closing to exchange Autogrill shares for Dufry shares or, alternatively, for cash.

Lenz & Staehelin is advising Edizione on the Swiss law aspects of the transaction. The team is led by Jacques Iffland, and includes Emilie Jacot-Guillarmod, Ariel Ben Hattar, Vincent Huynh Dac, Federico Trabaldo Togna and Yaël Nahmani, all corporate and capital markets. Frédéric Neukomm and Stanislas Cramer are also advising on Swiss tax aspects.