April 28, 2017 / 9:55 AM / 5 months ago

CVC to take control of Swiss watchmaker Breitling

LONDON, April 28 (Reuters) - CVC Capital Partners has agreed to take control of Swiss watchmaker Breitling in a deal that sees another iconic Swiss brand lose independence.

The deal announced on Friday values the business at more than 800 million euros ($875 million), one source close to the matter told Reuters, and will give CVC an 80 percent stake while Theodore Schneider will reinvest for a 20 percent shareholding.

Breitling, founded in 1884 by Leon Breitling, is known for precision chronometers often favoured by aviators, with prices starting at around 2,500 Swiss francs ($2,526).

The famous Swiss watchmaker’s loss of independence continues a trend that has seen rival Tag Heuer sold to LVMH, while Swatch Group controls high-end brands such as Tissot, Omega and Longines. ($1 = 0.9138 euros) ($1 = 0.9898 Swiss francs)

Reporting By Pamela Barbaglia; Editing by David Goodman

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