Lagardère Travel Retail has agreed to purchase Belgium-based travel retail operator International Duty Free (IDF) for a total consideration of €250m ($278.48m).

IDF is a wholly-owned subsidiary of Compagnie Nationale à Portefeuille. It operates more than 30 boutiques, including 25 Duty Free, Fashion and Confectionery points of sale at Brussels airport, two Duty Free stores at Charleroi airport, and more. It also operates presence in Luxembourg and Kenya.

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The company’s retail brands include The Belgian Chocolate House, Fashion Studio, The Luxury Hall, Summer Time, Precious Time, and Epicure.

“The acquisition has cemented our position as the world’s third-largest operator of Duty Free airport points of sale and as the European leader in Travel Retail.”

The deal will allow Lagardère group to boost its position in the travel retail market by reinvesting proceeds from disposals.

It will also extend the company’s presence in Brussels and Luxembourg with enhanced operations and recently refurbished stores. The deal will also mark Lagardère’s entry into Kenya.

Lagardère Travel Retail chair and CEO Dag Rasmussen said: “The acquisition has cemented our position as the world’s third-largest operator of Duty Free airport points of sale and as the European leader in Travel Retail.

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“We’re delighted to be entering both the Belgian and Kenyan markets, which offer wonderful development opportunities, and at the same time stepping up our operations in Luxembourg.

“Above all, we are confident that IDF’s operational expertise and entrepreneurial mind-set will ensure its successful integration into Lagardère Travel Retail and contribute to the achievement of our strategic objectives.”

The IDF management team will remain with the company to facilitate the integration into the Lagardère group.

Lagardère expects to close the transaction during the fourth quarter of this year. It is subject to various customary conditions and regulatory approval.