Apollo Global Management Inc. plans to sell 12.5% of its 55.8% stake in Watches of Switzerland Group PLC through a share bookbuild process, Morningstar said, citing a statement by joint share placing global coordinator Goldman Sachs.

Apollo intends to sell approximately 30 million shares in the business through its unit Jewel Holdco SÀRL, the publication said.

The sale may be valued at about £114 million, per the target company's closing share price at £3.80 each, Morningstar said, citing London markets as of Jan. 9. After the sale, Apollo will own 103.7 million shares or a 43.3% stake in Watches.

Barclays Bank PLC is also a joint global coordinator on the share placing, while NM Rothschild & Sons Ltd. is the financial adviser to Apollo Global.

Watches will not receive proceeds from the placing.