HUD - Alibaba takes 6.1% stake in Dufry

Chinese e-commerce giant Alibaba (BABA) is taking a stake of 6.1% in Swiss duty-free retailer, Dufry AG (DUFRY) as part of a roughly $900M capital increase. PE firm Advent international will have a 11.4% stake after the capital increase.Dufry and Alibaba Group have also agreed that Alibaba will invest 69.5 million francs in Dufry via three-year mandatory convertible notes with a 4.1% coupon convertible into approximately 2.1M shares at 33.22 francs each.Dufry and Alibaba will also form a joint venture combining the tech giant's digital expertise with Dufry's travel retail business.Alibaba and Advent have agreed to a lock-up period of six months.Dufry will use the proceeds to buy out the rest of its Hudson (HUD) unit for $311M to simplify the company's corporate structure. The action will delist Hudson from the NYSE.SourcePrior: Alibaba purchasing up to 10% Dufry stake, funding Hudson buy out

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Alibaba takes 6.1% stake in Dufry