Dechert Advises Dufry on Acquisition of Travel Retailer in Russia
January 23, 2012
A team from Dechert LLP advised Dufry, the global travel retailer with operations in 46 countries, on its acquisition of 51% of a local travel retail operator at Moscow’s Sheremetyevo International Airport.
Dufry concluded the transaction this month to acquire 51% of a joint venture with Regstaer Group, which holds Regstaer’s duty free operations at Sheremetyevo Airport and generates annual sales in excess of US$50 million.
Dufry already has significant operations at Sheremetyevo and Domodedovo airports in Moscow. The acquisition of one of Dufry’s main peers in Russia operating at Sheremetyevo and the possibility of further development with Regstaer at Vnukovo Airport — Moscow’s third airport — will allow Dufry to achieve a pre-eminent position in Russia, which in turn will be the basis for further development of its business in the region.
Sheremetyevo International Airport is Russia’s second busiest airport with 14 million international passengers per year. It is also one of the fastest growing airports in Europe and recorded a passenger growth of close to 20% in the last twelve months.
The Dechert team advising Dufry was led by Moscow managing partner Laura M. Brank and included partner Igor Panshensky, counsel Olga Watson, and associates Alexander Egorushkin, Elena Ivankina, Irina Kulyba, Svetlana Kuzovkova, and Kirill Skopchevskiy.
Dechert’s Moscow office encompasses a highly regarded team of Russian-, U.S.-, English- and dual-qualified lawyers who work closely with Dechert’s lawyers in Europe, the United States and Asia on cross-border and international matters. The “talented” and “commercially targeted” transactional team (The Legal 500 (EMEA), 2011) advises Russian and multinational clients on the full spectrum of corporate and finance matters in Russia. Dechert was ranked by mergermarket as one of the leading legal advisors by deal value in Russia and CEE in 2010.