LONDON (ShareCast) - (Sharecast News) - Watches of Switzerland shares fell on Friday after private equity firm Apollo Global Management sold 33m shares in the company.
Apollo sold the shares in a placing to institutional investors at 360p each, raising gross proceeds of £118.8m. Barclays and Goldman Sachs were joint global coordinators on the placing.

Following settlement, which is expected to take place next Tuesday, Apollo will hold around 100.7m shares in the luxury watch retailer, which represents a stake of 42.1%. Apollo's stake before the placing was 55.8%.

Watches of Switzerland will not receive any proceeds from the placing.

At 0840 GMT, the shares were down 5.3% at 360p.

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