(Alliance News) - Apollo Global Management LLC intends to sell 12.5% stake in timepiece retailer Watches of Switzerland Group PLC via a share bookbuild process, joint share placing global coordinator Goldman Sachs International said Thursday.
Apollo Global through a unit Jewel Holdco Sarl intends to sell around 30 million shares in Watches of Switzerland.
The sale could be worth around GBP114 million as per Watches of Switzerland's closing share price of 380.00 pence each on Thursday in London.
The US private equity firm currently owns owns 133.7 million shares, equal to a 55.8% stake in Watches of Switzerland. Following the sale, it will own 103.7 million shares or a 43.3% stake.
Barclays Bank PLC is also as a joint global coordinator in connection with the share placing. NM Rothschild & Sons Ltd is acting as the sole financial adviser to Apollo Global.
Watches of Switzerland will not receive any proceeds from the placing.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Watches Switz (WOSG)