News Summary: Swatch to buy Harry Winston brand
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Source: Business News
Originally published: Jan 14, 2013 - 11:56 am
Originally published: Jan 14, 2013 - 11:56 am
(AP) - SPARKLY SWATCH: Switzerland's biggest watch maker, Swatch Group AG, will pay about $1 billion to acquire Canada's Harry Winston watch and jewelry brand, officials from both companies said Monday.
THE PRICE: The Biel, Switzerland-based company has agreed to pay $750 million to acquire the brand from Toronto-based Harry Winston Diamond Corp. and will also assume as much as $250 million in debt, a joint statement said.
RAREFIED MARKET: Swatch Group's chairwoman, Nayla Hayek, said the addition of a jewelry-watch brand "brilliantly complements the prestige segment" of Swatch's portfolio, helping it compete against luxury watch makers.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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