Apollo Global Management takeover given OK by the European Comission.
The takeover of jewellery and watch retail group Aurum by US private equity firm Apollo Global Management has been cleared by the European Competition Commission.
The European Commission has granted clearance of the acquisition under the EU Merger Regulation. The operation was examined under the simplified merger review procedure.
The sale of Aurum, which owns retail fascias Goldsmiths, Mappin & Webb and Watches of Switzerland, was announced in early December. New owner Apollo invests in companies involved in various businesses globally including chemical, cruise line, logistics, paper, packaging and real estate brokerage businesses.
At the time of the announcement in December it was forecast that the sale would be completed in the first quarter of this year.
Future plans for Aurum include driving “growth through enhancement of its leading market position in luxury watches and further development of its jewellery offering”, according to Apollo head of international private equity Sanjay Patel.