Chinese conglomerate HNA Group has completed the acquisition of a 16.2 percent stake in Dufry, the Swiss airport retailer, and its total stake in the Swiss group will rise to 20.92 percent, HNA and Dufry said on Monday, Reuters reported.
The stake is estimated to be worth $1.4 billion given Dufry's current market capitalization although the exact value was not announced, the report said.
The acquisition of Dufry's shares was in line with China's "Belt and Road" initiative as the Swiss retailer's businesses cover many countries and regions along the route of the initiative, HNA said, according to the report.
Dufry runs more than 2,200 duty-free and duty-paid shops.
