News Summary: Swatch to buy Harry Winston brand

Updated at: 01/14/2013 12:07 PM
By The Associated Press

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 by The Associated Press. All Rights Reserved.)