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Breitling selling majority stake to CVC Capital Partners

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Last November we anticipated that Swiss watchmaker Breitling was considering a sale (we wrote about it here).

Rumours were reliable. In fact, today CVC Capital Partners - a private equity group with offices in 20 countries and over 300 investments in a wide range of industries -  today announced that CVC Fund VI has agreed to acquire an 80% stake in Breitling SA, one of the few manufacturers of Swiss luxury watches that was still family owned.

Although the financial terms of the transaction were not disclosed, rumours are that the deal could be valued at more than 800 million euros ($870 million). As part of the transaction, Théodore Schneider, whose father bought the company from the Breitling family in 1979, will re-invest for a 20% shareholding.

Breitling employs approximately 900 people and is headquartered in Grenchen, Switzerland. Operating two manufacturing facilities in Grenchen and in La Chaux-de-Fonds, the company reported 2016 sales of 420 million Swiss Francs.

Closing of the transaction is subject to approval by the relevant competition authorities and is expected for June 2017.

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