Watches of Switzerland slumps after Apollo sells 33m shares
Watches of Switzerland shares slumped on Tuesday after US private equity firm Apollo Global Management sold 33 million shares in the company.
The shares were sold to institutional investors via an accelerated bookbuild at 310p each, raising gross proceeds of £102.3m.
Apollo had been planning to sell 27.5m shares but the size was increased due to strong demand during the bookbuild.
Following settlement of the placing, which is expected to take place on 17 September, Apollo will hold around 67.7m shares in Watches of Switzerland, representing a stake of approximately 28.3%.
At 0900 BST, the shares were down 5% at 317.26p.