Switzerland’s Avolta acquires Hong Kong retailer Free Duty
Avolta has finalized a deal to acquire 100% of Free Duty, a border retailer in Hong Kong and the Greater Bay Area, from NWS Holdings. This acquisition is expected to enhance Avolta’s presence in the Asia Pacific region, granting access to approximately 150 million travelers and increasing regional sales by an estimated 250 million Swiss francs ($293 million) in 2023. The deal capitalizes on rising consumer behavior trends and benefits from a recent increase in duty-free allowances for mainland Chinese travelers. The acquisition will be fully funded through Avolta’s cash reserves, maintaining leverage neutrality without impacting its deleveraging commitments.