Apollo Global Management, the private equity giant and largest shareholder of The Watches of Switzerland Group, has sold 33 million ordinary shares at a price of 31o pence, trousering £102.3 million from the exit.
Shares in the London Stock Exchange-listed group were sold to institutional investors at a price well above the 275 pence at which they first went on sale in May last year.
A note describing the process said the placing was upsized from approximately 27.5 million shares due to strong demand during the bookbuild.
When the transaction is completed on September 17, Apollo Global Management will still hold approximately 67.7 million shares in WoSG, representing approximately 28.3% of issued share capital.
The Seller has agreed that it will not, for a period of 90 days following the completion of the Placing, offer, sell, or otherwise transfer any of its remaining Watches of Switzerland shares without the consent its bankers.
Watches of Switzerland will not receive any proceeds from the share sale.