Aer Rianta International Group has acquired CTC-ARI Airports Limited

Aer Rianta International Group (ARI) has acquired CTC-ARI Airports Limited from Ermes Department Stores Plc for US$73 million.

ARI is an Irish airport and retail holding and management company. ARI is one of the world’s longest-established and most successful travel retail companies. ARI designs, manages and operates duty free and duty paid airport retail outlets in Europe, Asia and the Americas. The company employs over 3,500 people worldwide. ARI is a subsidiary of Ireland's state-owned Dublin Airport Authority (DAA).

CTC-ARI Airports Limited operates the duty free and duty paid retail outlets at Larnaca and Paphos airports. The company was incorporated in 2002 and is based in Larnaka, Cyprus. CTC-ARI Airports Limited will operate as a subsidiary of Aer Rianta International Group.

Ermes Department Stores Plc operates various departmental stores and specialized stores in Cyprus and Greece.

Oaklins' team in Ireland advised the buyer in this transaction.