Shareholder raises more than £100m in major sell off

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A major shareholder in a luxury watch retail group with sites across the UK has raised more than £100m after selling a significant part of its stake.

A total of 33 million shares have been sold in Watches of Switzerland Group, which is headquartered in Leicester, by Jewel Holdco, a company owned and controlled by AIF VII Euro Holdings – a group of investment funds managed by an affiliate of Apollo Global Management.

The proceeds were raised by way of an accelerated bookbuild at a price of 310p per ordinary share, raising £102.3m.

The placing was upsized from about 27.5 million shares "due to strong demand" during the bookbuild.

Following the settlement of the placing, which

 link source - Insider Media

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