Swatch says will buy Harry Winston for up to $1bln

Swatch Group, the world’s leading watchmaker, said on Monday it would acquire the US jeweller and watchmaker Harry Winston for up to $1 billion (750 million euros).

The Swiss group will pay $750 million to acquire the company and add a maximum of $250 million to take over its net debt, a statement said.

The transaction does not include the mining activities of the Harry Winston Diamond Corporation, it said.