Airport operator BAA has agreed to sell World Duty Free (WDF) shops to Autogrill SpA of Italy for £546.6 million. The sale is consistent with BAA parent Ferrovial’s non-core asset disposal program.

Airport operator BAA has agreed to sell World Duty Free (WDF) shops to Autogrill SpA of Italy for £546.6 million. The sale is consistent with BAA parent Ferrovial’s non-core asset disposal program.

Proceeds of the sale will be used to help Ferrovial repay the debt it took on via the Airport Development and Investment consortium to buy BAA two years ago in a £16 billion deal. The disposal is expected to complete towards the end of April.

WDF manages 65 shops and has annual sales of £300 million. The travel retailer will sign a 12-year concession agreement to operate duty-free stores at BAA’s seven UK airports; Aberdeen, Edinburgh, Gatwick, Glasgow, Heathrow, Southampton and Stansted.

Airport catering operator Autogrill Group has also bought a 50 per cent stake in Spanish-based airport duty free retailer Aldeasa from Imperial Tobacco Group plc’s Altadis SA. The deals follow Autogrill’s June purchase of a 13 per cent stake in UK-based Alpha Airports Group for £20.9 million. The integration of Alpha Group, WDF and Aldeasa will enable the Autogrill Group to achieve synergies of about €40 million (£30.6 million) a year by 2011.

Autogrill is controlled by Edizione Holdings, the investment arm of the Benetton dynasty. In 2007, the company cited sales upwards of €4.8 billion (£3.7 billion) in 2007.