Breaking News: Breitling Sells Controlling Stake To CVC Capital Partners For $870 Million

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Rumors have been circulating for months that Breitling might be for sale (as we reported last November) and now, according to a Bloomberg report from earlier today, a deal has been made. A controlling stake in Breitling will be acquired by CVC Capital Partners, in a transaction expected to close in June and reportedly worth $870 million. Theodore Schneider, Breitling’s current majority shareholder, will "reinvest in exchange for a 20 percent stake." Breitling is one of the last major Swiss brands to operate independently, rather than under the umbrella of one of the major luxury groups.

Bloomberg also reports that a major focus of the new ownership will be building brand awareness in China, saying, "CVC will likely focus on stoking demand for Breitling’s watches in the Chinese market, one of the people said, asking not to be identified because the plans are private. The company reported 2016 sales of 420 million Swiss francs ($424 million), the person said."

Read the full report from Bloomberg for more.

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