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government-trade

Swatch Concludes Harry Winston Deal

The world's biggest watchmaker said it received regulatory approval.

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.