Private equity firm Advent International is planning to sell its entire stake in Dufry AG, equivalent to about 13 percent of the Swiss airport retailer's capital. Advent has appointed Morgan Stanley as bookrunner for the placing of the 3.9 million shares, it said in a statement on Tuesday after the market close.Based on Tuesday's closing price of 119.10 Swiss francs per share, the entire stake is worth around 462 million Swiss francs ($498 million).Dufry, which is listed in Switzerland and Brazil , operates duty free stores in 45 countries.Advent first invested in Dufry in 2004 and in 2008 merged it with its U.S. travel retailer Hudson by means of a share swap.
Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS traded higher by 1.79% or $0.36/share to $20.43. In the past year, the shares have traded as low as $12.26 and as high as $21.19. On average, 20074200 shares of MS exchange hands on a given day and today's volume is recorded at 25278022.
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