Dive Summary:
- While Harry Winston refocuses its intentions to diamond mining activities, Swatch has reported already decided that the newly acquired business will be renamed Dominion Diamond after paying $750 million dollars in cash and assuming $250 million dollars in debt from the Harry Winston Diamond Corporation.
- The takeover comes after Swatch ended a partnership with Tiffany & Co. in 2011 citing that the acquisition is a great fit for the watch maker and will prove to be successful for the company's portfolio.
- Robert Gannicott, chairman and chief executive of the Harry Winston Diamond Corporation noted that the sale will "equipped to realize upstream opportunities in an environment where cash has become a strategic resource while preserving and expanding our relationship with the downstream diamond business.”
From the article:
"...The Harry Winston Diamond Corporation, a publicly traded company based in Toronto, will be renamed Dominion Diamond after the takeover.
For Swatch, the takeover adds a prominent brand regularly worn by Hollywood actresses to its already vast portfolio. Swatch owns not only its colorful plastic Swatch watches but also upscale names Blancpain and Omega. Swatch also controls the bulk of the sector’s watch movement production after buying several makers of components..."
