News arrived this morning that the Swatch Group has acquired the jewellery and watch brand Harry Winston.
We publish the official communiqué below:
"Biel/Bienne (Switzerland) / New York (USA), January 14, 2013 - The Swatch Group Ltd. in Biel/Bienne acquires 100% of the shares of the American company HW Holdings Inc., owner of Harry Winston Inc., 718 Fifth Avenue, New York 0019 (NY). The Swatch Group Ltd. acquires the brand name and all activities related to jewellery and watches, including the 535 employees worldwide and the production company based in Geneva (Switzerland). The acquisition sum amounts to USD 750 million, plus the takeover of net debt of up to USD 250 million. The acquisition does not include the mining operations of Harry Winston Diamond Corporation (TSX: HW, NYSE: HWD), - now Dominion Diamond Corporation - in Toronto (Canada).
Robert A. Gannicott - Chairman of the Board and Chief Executive Officer of Harry Winston Diamond Corporation says: "The Harry Winston brand has now found a new home that can provide it with the expertise and support it deserves to fulfil its potential.
And Nayla Hayek, Chairwoman of the Board of Directors of Swatch Group Ltd., says: "Harry Winston wonderfully complements the Swatch Group's Prestige and Luxury segment. We are proud and delighted to welcome Harry Winston into the Swatch Group family - Diamonds are a girl's best friend".
The settlement is subject to the approval of the various regulatory bodies'.
