Paul Singer and his hedge fund Elliott Management have acquired a 5.57% stake in travel retailer Dufry AG, according to a notice filed Dec. 20 with the Swiss stock exchange.
According to the SIX Swiss Exchange filing, the stake was acquired by Liverpool Ltd. Partnership and Elliott International LP, affiliates of Elliott Management, the fund run by Singer. Terms were not disclosed.
In late-morning trading Dec. 20, Dufry shares were up 4.70 Swiss francs, or 3.4%, at 142.00 francs.
Based on 53.8 million shares outstanding, a 5.57% stake in Dufry at the latest price would be worth about 425 million francs.
The shares were sold by a bank that received the Dufry stock from Chinese conglomerate HNA Group Co. Ltd. in exchange for funding, the Financial Times reported on its website Dec. 20.
HNA Group owned 20.9% in Dufry after it completed the purchase of a 16.2% stake in August 2017.
Dufry operates about 2,200 retail outlets worldwide at airport, seaports and railway stations under brands that include World Duty Free and Hudson.