(Yicai Global) Feb. 27 -- A unit under China International Travel Service Corp. has bought a majority stake in Sunrise Duty Free Shanghai Co. for CNY1.5 billion (USD239 million), 11 months after the travel firm struck a similar deal to take over Sunrise's Beijing unit.
China Duty Free Group Co. bought a 51-percent stake in the duty free vendor to take over its operations in Shanghai's two airports, CITS said in a statement. It took a 50-percent slice of Bairui Investment Co.'s 99-percent holding and bought the remaining 1 percent from Shanghai Wenyuzhai Books Co.
The buyer made a comparable acquisition last year by purchasing Sunrise's Beijing operations, a deal that "ultimately paved the way for CDFG and Sunrise to split the Beijing Capital International Airport duty free business," according to travel retail intelligence provider The Moodie Davitt Report.
Sunrise Shanghai made a CNY120-million profit on revenue of CNY6.3 billion in the first three quarters of last year, compared with full-year earnings of CNY255 million in 2016.