Swiss watch maker Swatch to acquire Harry Winston’s watch and jewellery unit for $750 mn

Switzerland's Swatch Group, the maker of Tissot and Calvin Klein watches, today said that it will acquire the watch and jewellery brand Harry Winston for $750 million plus up to $250 million debt.

Under the terms of the deal, Switzerland's Swatch Group said that post closing; it will change its name to Dominion Diamond Corporation. The company will retain an ongoing relationship with the Swatch Group, one of the world's largest buyers of polished diamonds, in sourcing polished diamonds for them.

The two companies said that they will also explore the opportunities for a joint diamond polishing venture bringing together the manufacturing and diamond expertise of the two companies.

Nayla Hayek, chairwoman of The Swatch Group, said, "Harry Winston brilliantly complements 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."

''Harry Winston brand now has a new home that can provide the skills and support that it deserves to realize its true potential,'' said, Robert Gannicott, chairman and CEO of Harry Winston.

Founded in 1932, Harry Winston is the inventor of modern couture jewelry and is known as the King of Diamonds and Jeweler to the Stars.