Swatch Group Acquires Harry Winston Watch & Jewelry
The Swatch Group has added another jewel �� or, more precisely, jeweler �� to its crown. The Bienne, Switzerland-based company, which owns watch brands ranging from Swatch to Hamilton to Omega to Breguet, announced Monday that it is acquiring world-renowned jewelry brand Harry Winston, which in recent years has also become a bastion of high watchmaking.In the deal, Swatch Group Ltd. gets 100 percent of the shares of HW Holdings Inc., owner of New York-based Harry Winston, Inc., giving the Group ownership of the brand and all activities related to its jewelry and watches, including its 535 employees worldwide and production company in Geneva, Switzerland. The acquisition sum amounts to U.S. $750 million plus the assumption of up to U.S. $250 million of pro forma net debt. The sale does not include the mining segment of the company, Harry Winston Diamond Corporation, based in Toronto, which will be renamed Dominion Diamond Corporation upon the closing of the transaction. The Harry Winston

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