It was in July of this year that it became public that Filip Tysander sold his final 49 percent of the e-commerce company Daniel Wellington to the watch company Timex in the USA. However, the actual sales process began last year when Timex took over 51 percent of the shares.
The initial deal was carried out by Timex converting a loan of 95 million Swedish krona into shares, which corresponded to 25 percent of the company. Shortly thereafter, an additional 26 percent was purchased directly from Filip Tysander for 195 million Swedish krona, Breakit writes.
The Money in the Holding Company
The effects of the first sale are now visible in the latest annual accounts for Filip Tysander's holding company JFT Holding. The company's cash reserves have grown from 11 million Swedish krona to 185 million Swedish krona, representing an increase of over 1,500 percent.
Last year, JFT Holding reported a profit before tax of 400 million Swedish krona, of which a realized result amounted to 440 million Swedish krona. This result was partly influenced by how the remaining shares were valued in the accounting after the first deal.
The exact purchase price for the final 49 percent sold this summer has not been disclosed by the parties. However, based on the valuation in last year's annual accounts, Breakit estimates that the value of this item landed around 280 million Swedish krona.