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CVC to take control of Swiss watchmaker Breitling
April 28, 2017 / 10:02 AM / 8 months ago

CVC to take control of Swiss watchmaker Breitling

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.

FILE PHOTO: A Breitling Navitimer 01 watch is displayed at the Baselworld watch and jewellery fair in Basel, Switzerland March 22, 2017. REUTERS/Arnd Wiegmann/File Photo

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

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