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PAI triples its money on airport retailer

€1.3 billion sale represents the Paris-based private equity firm's second exit from its fifth fund

PAI Partners has sold its stake in Nuance Group, the Switzerland-based airport retailer, generating a three times return on its 2011 investment.

The Paris-based firm said Wednesday that it has sold its stake in the Zurich-based company to Swiss duty free operator Dufry, in a deal that values Nuance at Sfr1.55 billion (€1.3 billion).

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