By  on March 27, 2013

PARIS — The Swatch Group Ltd. said it has successfully completed the acquisition of U.S. luxury jeweler Harry Winston, after having obtained all regulatory approval. In January, the world's biggest watchmaker snapped up the diamond jewelry and timepiece division of the Harry Winston brand for an enterprise value of $1 billion, which includes the brand’s pro forma net debt of up to $250 million. Not included in the deal were Harry Winston Diamond Corp.'s mining activities, which the company will keep under a new name, Dominion Diamond Corp., while retaining "an ongoing relationship with The Swatch Group, one of the world’s largest buyers of polished diamonds, in sourcing polished diamonds for them," the group had announced in a previous statement. The Swatch Group’s shares were up 0.9 percent in mid-morning trading to 548 Swiss francs, or $577.62.

To continue reading this article...

To Read the Full Article

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus