Movado agrees to sell 95 percent of EBEL for about $66.5m
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Movado agreed to sell 95 percent of the EBEL watch brand for about $66.5m, the company said in a Thursday filing.
The buyer group is led by Montres Journe and includes Chanel and Pierre Jacques. Movado will retain the remaining 5 percent.
The agreement took effect October 5. Its stated consideration remains subject to customary closing adjustments, and completion requires a pre-closing reorganization and other customary conditions.
Control would change. The filing does not allocate the purchase price among the buyers, state an expected gain or loss, or say how Movado would use the proceeds.
