LONDON (Reuters) - CVC Capital Partners [CVC.UL] has agreed to take control of Swiss watchmaker Breitling in a deal that sees another iconic Swiss brand lose independence.
The deal announced on Friday values the business at more than 800 million euros (66.91 million pounds), one source close to the matter told Reuters, and will give CVC an 80 percent stake while Theodore Schneider will reinvest for a 20 percent shareholding.
Breitling, founded in 1884 by Leon Breitling, is known for precision chronometers often favoured by aviators, with prices starting at around 2,500 Swiss francs ($2,526).
The famous Swiss watchmaker’s loss of independence continues a trend that has seen rival Tag Heuer sold to LVMH (LVMH.PA), while Swatch Group (UHR.S) controls high-end brands such as Tissot, Omega and Longines.
Reporting By Pamela Barbaglia; Editing by David Goodman