Watches

Travolta's Swiss Watchmaker Breitling Agrees to Sell to CVC

Buyout firm’s purchase said to value firm at over $800 million
Owner Schneider will reinvest for a 20 percent stake

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By Sarah Syed and Aaron Kirchfeld

April 28, 2017 at 7:00 AM UTC

Updated on

April 28, 2017 at 11:09 AM UTC

CVC Capital Partners has agreed to buy Breitling, the Swiss watchmaker known for aviation-themed timepieces worn by actor John Travolta, in a deal said to be valued at more than 800 million euros ($870 million).

The transaction is expected to close in June, subject to approval by competition authorities, CVC said in a statement Friday. Theodore Schneider, Breitling’s current majority owner, will reinvest in exchange for a 20 percent stake.