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 ($132m) from the exit.
News of the sale was announced in the same week that Watches of Switzerland reopened its Hudson Yards store in Manhattan.
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.
Hudson Yards reopens
Hudson Yards is now open for its usual hours, Monday to Sunday, 11am to 7pm, with additional services offered such as private appointments in person or via Zoom as well as delivery to client’s home and offices.
On top of their usual selection of timepieces, Watches of Switzerland Hudson Yards will offer specialty presentations from IWC, Ulysse Nardin, and Grand Seiko.
For the reopening, the Watches of Switzerland Hudson Yards lobby entrance features a specially curated selection of Ulysse Nardin’s latest offering, including the new Executive Skeleton Limited Edition while the High Line window display features Grand Seiko’s Heritage Collection which draws inspiration from the Japanese seasons.
Originally scheduled for August, Watches of Switzerland is thrilled to present an installation with IWC for the reopening, highlighting the brand’s Portugieser collection – which will feature multiple exclusive timepieces.
The remainder of the Hudson Yards mall will initially operate at 50% capacity, offering free masks through the mall, and instituting one-way walking paths to ensure the safety and health of shoppers and employees.