Dufry Acquires LatAm’s Interbaires

Dufry Acquires LatAm’s Interbaires

Argentina M&A Uruguay

Swiss travel retailer Dufry has acquired airport retailer Interbaires in Argentina for $285m, part of four transactions for a total $957m the company closed simultaneously. Interbaires generates approximately $250m per year. Dufry has also acquired a Uruguayan retailer with $85m in revenues, and operations in Martinique, Ecuador and Armenia. In total, the new operations generated $395m in revenues for LTM to May, with $96.5m in Ebitda for a total implied valuation of 9.9x Ebitda, below Dufry

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