LONDON, April 28 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)