We are advising Avolta on the transaction

Davis Polk is advising Avolta AG on its acquisition of DFS Okinawa from DFS. The acquisition will mark Avolta’s entry into the Japanese travel retail market and further strengthen its presence in the Asia-Pacific region. The transaction is expected to close during the third quarter of 2026, subject to customary closing conditions.

Avolta is a leading global travel experience company serving travelers through travel retail and food and beverage operations across airports, motorways, cruise lines, seaports, railway stations and other locations worldwide.

DFS is a luxury travel retailer majority-owned by LVMH, with a minority stake held by the Miller family. DFS Okinawa operates airport and downtown duty-free retail locations in Okinawa, Japan, including long-term concession contracts across Naha Airport and the Okinawa Downtown Galleria.

The Davis Polk corporate team includes partner Daniel Brass and counsel Jack Gordge. Partner Pritesh P. Shah and associate Shreya R. Kundur are providing intellectual property and commercial transactions advice. Partner Michael Mollerus and associate Benjamin Silver are providing tax advice. All members of the Davis Polk team are based in the New York office.

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