Uniting two global players: how ING facilitated the sale of a 70% stake in Schiphol's core retail activities

The ultimate goal of this newly formed joint venture: a better travel retail shopping experience for passengers, more profitability, and double the sales turnover (and, consequently, more concession income for Schiphol) by 2035. To make this happen, Schiphol plans to work closely with Lagardère to operate around 25 duty-free shops at the airport.

Two international parties. Two different cultures—Dutch and French. One major transaction. Plus government involvement... The deal, with many international suitors, many internal stakeholders, and many structuring and valuation complexities, was a real M&A challenge. Backed by our sector expertise, a previously successful process in 2015, and our strong relationship with the airport, ING acted as the sole financial adviser to Schiphol. A truly pivotal role, as we managed the entire sales process. The overall value of the deal to Schiphol? Somewhere between €500 million and €1 billion.

Preparation, as it turns out, was key. So says Tim de Bie, Director Commercial Terminal at Royal Schiphol Group, who gave the full lowdown on the transaction. "The process was very well prepared. Thanks to ING Corporate Finance, everything went extremely smoothly. Now it's full steam ahead towards the ultimate visitor experience that will restore Schiphol to its rightful place at the top of Europe!"

As part of the deal, the new joint venture has secured a 10-year bespoke concession agreement to manage all retail activities for Perfumes & Cosmetics, Sunglasses, and Liquor, Confectionery & Tobacco.

Lagardère Travel Retail is headquartered in Paris and has extensive scale, retail knowledge, and experience in pricing, marketing, branding strategy, and store concepts. With Lagardère Travel Retail, Schiphol's retail offerings are in excellent hands.