Hot off Bloomberg: Luxembourg headquartered, CVC Capital Partners has agreed to buy out Breitling in a deal amounting to more than 800 million euros.
This, of course, comes now to confirmation after last year’s swirling rumors. And so, Breitling — one of Swiss watchmaking’s last few independent brands — becomes corporately owned. Bloomberg’s reported that the transaction is slated to complete in June 0f 2017. Which will then result in Theodore Schneider, the brand’s present majority owner, to have to reinvest in exchange for a 20 percent stake.
Simply put, this means that CVC will become the 80% stake holder of Breitling. The company already has assets under its management totalling a little over 50 billion USD, entrusted by some 300 institutional, governmental and private investors worldwide.
Watch this space for more on the matter as the story develops.