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BlackRock increases Watches of Switzerland stake weeks after Apollo nets £102m from share sale

watchesofswitzerland

BlackRock has increased its shares in Watches of Switzerland group, upping its holdings from 9.86% to 11.55%.

Based in the US with offices in the UK, the investment management and financial services move as reported by Insider Media comes just shortly after Apollo Global management netted £102m from the sale of its shares.

After taking a coronavirus-induced hit in March when stock prices fell, the group has made a comprehensive recovery and isn’t far off trading at the 392-point mark it was at the pre COVID-quarter.

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As the stock exchange went live this morning, the group opened at 335.

Apollo Global Management, the private equity giant and largest shareholder of The Watches of Switzerland Group, sold 33 million ordinary shares at a price of 310 pence, pocketing £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.

Following the transaction completion on September 17, Apollo Global Management still holds approximately 67.7 million shares in WoSG, representing approximately 28.3% of issued share capital.

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Tags : shareswatches of switzerland
Alex Douglas

The author Alex Douglas