Avolta has acquired a 51% stake in Caribbean duty-free retailer Penha Duty Free Group, with a contractual pathway to take full ownership of the business. Penha Duty Free Group operates 25 points of sale across Aruba, Bonaire, Curacao, Grand Cayman and St. Maarten. Penha Duty Free Group operates under long-term concession agreements with a weighted average remaining duration of more than ten years and spans airport, cruise port and downtown locations. The duty-free retailer generated revenue of about CHF47m in 2025. The transaction is expected to be immediately accretive to EBITDA margin, earnings per share, equity free cash flow and return on invested capital.