Swatch Group has today announced the successful completion of its takeover of Harry Winston, completing the acquisition of the luxury watch and jewellery brand.
An official statement released by the Swiss watch group read: "The Swatch Group Ltd. announces today that it has successfully completed the definite acquisition of the jewellery and timepiece brand Harry Winston, Inc., after the obtention of all required regulatory approvals".
The news that Swatch Group was to acquire a 100% stake in Harry Winston and its operations hit headlines in January this year.
Swatch Group now owns the watch and jewellery brands and all activities related to these Harry Winston products. The group has taken on the 535 employees who work for Harry Winston’s watch and jewellery division.
The acquisition was made for US$750 million, plus the assumption of up to US$250 million of pro forma net debt. The sale did not include any of Harry Winston’s mining activities.