Watches of Switzerland Group PLC (LON:WOSG) shares ticked lower on Friday after its former private equity owner sold almost £119mln worth of stock.
Apollo Management, which floated the posh timepiece merchant at a price of 270p in May last year, has found buyers for 33mln of its shares via a placing priced at 360p.
Post the sale, of which, the American private equity house will still own roughly 100.7mln shares in the Watches of Switzerland, representing approximately 42.1% of the FTSE 250-listed company.
WOSG will receive not a penny from the share sale, which was conducted as an accelerated bookbuilding process to institutional investors, with settlement due to take place on 14 January.