The Folli Follie Group will carve-out its travel retail business, which will enter a new local non-recourse bank facility of EUR 335 million. Dufry will acquire a 51% shareholding in the target business for EUR 200.5 million. Dufry plans to finance the consideration for the 51% stake, as well as shareholder structuring of EUR 28 million and transaction costs through an equity increase of approximately EUR 250 million by issuing shares from existing authorized capital. Dufry has the option to acquire the remaining 49% in four years time at fair market value.