Timex sells majority stake to Boston-based investment firm Baupost; know takeaway for shareholders
Timex Group has entered into an agreement with a Boston-based investment manager Baupost Group LLC for the acquisition of a majority ownership, the Group has said in a media release. The transaction is expected to close before year-end, subject to regulatory reviews, the release further said
Timex Group has entered into an agreement with a Boston-based investment manager Baupost Group LLC for the acquisition of a majority ownership, the Group has said in a media release. The transaction is expected to close before year-end, subject to regulatory reviews, the release further said.
The majority ownership will be acquired by an affiliate of Baupost Group, the release said.
Under the arrangement, Timex Group’s existing shareholders will retain a significant ongoing interest in the business, the release said.
“The investment is an expression of Baupost’s confidence in Timex Group’s long-term future. The company has built the Timex brand into a household name synonymous with quality and innovation,” the release said.
Timex Group also designs, manufactures, and markets timepieces under license for globally recognised brands including Guess, Versace, Salvatore Ferragamo, Furla, Missoni and Ted Baker.
“With our great team at all levels of the organisation, our brand partners, loyal customers and vendors, Timex Group is well-positioned to capitalise on the many opportunities that lie ahead. We look forward to adding new successful chapters to Timex Group’s history together with Baupost,” Anette Olsen, Chairman of Timex Group, said.
“Timex Group's storied 166-year history, and incredible portfolio of brands and brand partnerships, offer a unique opportunity to drive innovation and growth in the watch industry,” Tom Blumenthal, Partner and head of Private Corporate Investments at Baupost Group said.
“We believe in the company’s strategic vision and the ability of the management team to achieve it. We look forward to supporting the company for years to come,” he added.
Timex Group is a privately held company headquartered in Connecticut, USA. The company has multiple operating units with over 3,000 employees worldwide.
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Meanwhile, the Baupost Group manages assets worth USD 29 billion assets, of which approximately 30 per cent is held in cash or cash equivalents, the release claimed.
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