BAA completes sale of World Duty Free Europe

BAA is today pleased to confirm that it has completed the sale of World Duty Free Europe Limited (WDF) to Autogrill S.p.A. Under the agreement, Autogrill has paid £546.6m, plus £15.75m in accrued interest. As outlined in the announcement of 10th March, BAA has sold WDF as part of its ongoing non-core asset disposal program. WDF has entered into a 12-year concession agreement for the operation of duty free stores at BAA's seven UK airports. Proceeds of the sale will be used to repay debt in accordance with the terms of the ADI financing agreements.