Swatch pounces on jeweler Harry Winston in US$1b deal
(01-14 15:30)
Swatch Group, the world's leading watchmaker, which owns 19 brands including Breguet, Blancpain, Glashütte Original, Jaquet Droz, Léon Hatot, Omega and Tiffany, said it would acquire the US jeweler and watchmaker Harry Winston for up to US$1 billion.
The Swiss group will pay US$750 million to acquire the company and add a maximum of US$250 million to take over its net debt, a statement said, AFP reports. The transaction does not include the mining activities of the Harry Winston Diamond Corporation, it said.
"Harry Winston does brilliantly complement the prestige segment of the Group. We are proud and happy to welcome Harry Winston to the Swatch Group family - diamonds are still a girl's best friend,'' Chairwoman Nayla Hayek said in a statement.
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