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Apollo Global Management Buys Aurum Holdings

The acquisition includes the Watches of Switzerland, Mappin & Webb and Goldsmiths brands and retail operations.

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NEW TIME: Private equity firm Apollo Global Management has signed an agreement to acquire Aurum Holdings Ltd., the largest prestige and luxury jewelry retailer in the U.K. The acquisition includes the Watches of Switzerland, Mappin & Webb and Goldsmiths brands and retail operations. Terms of the deal, including purchase price, were not disclosed. The transaction is expected to close in the first quarter of 2013. Don McCarthy, the current chairman of Aurum who also is chairman of House of Fraser, will step down. Justin Stead, chief executive officer, will continue at the company.