Partners Group to Become Watchmaker Breitling’s Top Shareholder

Switzerland’s Partners Group Holding AG has agreed to raise its equity stake in Swiss watchmaker Breitling AG in a deal that will make it the company’s largest shareholder.

Though financial terms of the transaction were not disclosed, Partners Group’s move could value the storied Swiss watchmaker at more than 4.2 billion francs ($4.5 billion), Bloomberg reported earlier this month.

Partners Group, private equity firm CVC Capital Partners and the company’s management will continue to control Breitling following completion of this investment round, according to a statement Friday.

The announcement caps a dramatic turnaround for the watch brand orchestrated by Chief ...