15th Sep 2020 10:38
(Alliance News) - US-based investment manager Apollo Global Management LLC has sold 33.0 million ordinary shares in Watches of Switzerland Group PLC at 310 pence per share, raising GBP102.3 million, global coordinator for the share sale Barclays Bank PLC said on Tuesday.
Shares in the luxury watch retailer were down 6.7% at 311.50 pence each in London.
The shares, representing an about 14% stake in Watches of Switzerland, were sold by Jewel Holdco Sarl, a company owned and controlled by AIF VII Euro Holdings LP, an affiliate of investment funds managed by an affiliate of Apollo Global.
Barclays said the placing was increased from 27.5 million shares due to strong demand during the bookbuild process. Following the completion of the share sale, Apollo Global will continue to own 67.7 million shares in Watches of Switzerland, or a 28% stake.
Watches of Switzerland will not receive any proceeds from the placing, as it was of existing shares.
By Tapan Panchal; [email protected]
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