10th Jan 2020 08:40
(Alliance News) - Apollo Global Management LLC has netted GBP118.8 million from sale of a stake in Watches of Switzerland Group PLC, joint share placing coordinator Goldman Sachs International said Friday.
Apollo Global has sold 33.0 million Watches of Switzerland shares at 360 pence per share. Following the sale, the US private equity firm owns 100.7 million shares, or a 42% stake, in the luxury watch retailer.
Watches of Switzerland shares were down 5.3% at 360.00p each in London on Friday morning.
Goldman Sachs late Thursday said Apollo Global intended to sell around 30 million shares, or a 13% stake in the retailer.
Barclays Bank PLC also acted as a global coordinator in the share placing. NM Rothschild & Sons Ltd served as financial adviser to Apollo Global.
Watches of Switzerland did not receive any proceeds from the placing.
By Tapan Panchal; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Watches Switz