BAA sells duty-free arm to Italy's Autogrill for £546.6m
11-03-2008
Airport operator BAA is selling World Duty Free Europe to Italian firm Autogrill for £546.6 million.
BAA, which owns Heathrow, is selling World Duty Free Europe (WDF) as part of a plan to dispose of non-core assets to help clear its debts.
Following its takeover by Spanish firm Ferrovial in 2006, BAA owes £9 billion.
WDF will enter into a 12-year concession agreement for the operation of duty free stores at BAA's seven UK airports.
Autogrill serves over 890 million customers a year at airports, motorways, railway stations and other venues.
In another release, Imperial Tobacco said it is selling its 49.95 per cent shareholding in Spanish-based airport duty free retailer Aldeasa to Autogrill Espana, a subsidiary of Autogrill.
The total price will be €275 million (£209 million) and the deal is expected to close by May 2008.
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