Hotel Shilla acquires largest in-flight duty free operator
Hotel Shilla, the hotel and duty-free arm of Samsung Group, has acquired the world’s largest in-flight duty free company, DFASS Group. It obtained a 44 percent stake in DFASS for $105 million, the company said on Monday after the market closed.The agreement includes a call option to buy an additional 36 percent stake of the Canadian company in five years.
Hotel Shilla said that the deal will boost the company’s presence in North and South America.
DFASS was established in 1987 and supplies tax-free products to 30 carriers worldwide, including American Airlines, Air Canada and Singapore Airlines. It has 40 duty-free shops at regional airports in the United States and South America.
with the Korea JoongAng Daily
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