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Harry Winston Diamond Sale To Swatch Approved
Time:2013-3-27 15:07:40 Source:diamond china   Share Us:

Harry Winston Diamond Corporation announced on Thursday that it has received all required regulatory approvals to the proposed sale of its luxury brand diamond jewelry and timepiece division, to The Swatch Group, Israelidiamond.co.il reports.

The diamond company said it expects that closing of the transaction on or about March 26. Following the transaction, which includes the Harry Winston brand name, the company will change its name to Dominion Diamond Corporation.

The sides announced the $1 billion transaction in January. Swatch will pay $750 million for the retail brand and its operations, and assume another $250 million in debts. The income will help pay for the Ekati mine Harry Winston bought from BHP Billiton.

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