DUFRY Avolta AG (PK)

By Pietro Lombardi

Chinese e-commerce giant Alibaba Group Holding Ltd. is taking a stake of 6.1% in Dufry AG as part of a roughly $900 million capital increase.

Alibaba and Swiss-based travel retailer Dufry disclosed plans to form a joint venture earlier this month to develop the business in China. The Chinese group will also invest CHF69.5 million in Dufry via convertible notes.

Also investing in Dufry is private-equity group Advent International Corp., which, after the capital increase is completed, will have a 11.4% stake.

Dufry said Tuesday that it expects to raise 820 million Swiss francs ($901.1 million) after it priced the new shares at CHF33.22 each.

Alibaba and Advent have agreed to a lock-up period of six months.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com; @pietrolombard10

(END) Dow Jones Newswires

October 20, 2020 02:51 ET (06:51 GMT)

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