BUSINESS

Harry Winston sells jewelry division to Swatch for US$750 million

01/14/2013 02:31 EST | Updated 03/15/2013 05:12 EDT
TORONTO - Harry Winston Diamond Corp. is selling its jewelry and watch division, Harry Winston Inc., to Swatch Group of Switzerland for US$750 million.

Swatch, the world's largest watch company, will also assume $250 million in debt.

The Toronto-based diamond miner and retailer announced early Monday that the transaction is still subject to regulatory approvals.

Harry Winston Diamond (TSX:HW) says it has agreed to change its name to Dominion Diamond Corp. after the deal closes.

The two companies also plan to explore opportunities for a joint diamond polishing venture.

Swatch says Harry Winston will 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," said chairwoman Nayla Hayek.