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Watches of Switzerland Completes IPO on London Stock Exchange

Paul, Weiss represented Watches of Switzerland Group PLC and Jewel Holdco S.à r.l., its immediate parent, in a successful initial public offering of Watches of Switzerland’s shares. Both are indirectly owned and controlled by an affiliate of investment funds managed by an Apollo Global Management LLC affiliate.

The offering included a primary offering and a secondary offering by Apollo and various management selling shareholders. The shares were admitted to the premium listing segment of the official list of the UK Financial Conduct Authority and to trading on the main market for listed securities of the London Stock Exchange on June 4. The over-allotment option was exercised in full and settled on June 13. The net proceeds of the primary offering were used to refinance the group’s existing debt. Paul, Weiss also assisted with the refinancing of the group’s existing debt as well as the earlier reorganization of the group’s corporate structure in 2018, which included the disposal of certain ancillary businesses.

Watches of Switzerland is a market-leading retailer of luxury watches in the United Kingdom and a leading retailer of luxury watches in select regions of the United States.

The Paul, Weiss team included corporate partners David Lakhdhir, Mark Bergman, David Carmona and Gregory Ezring and counsel Siu Yan Lin; tax partner Brad Okun; and employee benefits counsel Reuven Falik.

June 18, 2019

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