Swatch Group AG (SWX:UHR) entered into an agreement to acquire Harry Winston, Inc. from Harry Winston Diamond Corporation (TSX:HW) for $1 billion on January 14, 2013. Under the terms of the agreement, Swatch Group will pay $750 million along with assumption of $250 million of net debt. Swatch Group will acquire the brand and all the activities related to jewelry and watches, including the 535 employees worldwide and the production company in Geneva. On closing of the ... transaction, Harry Winston Diamond Corporation will change its name to Dominion Diamond Corporation. The deal will terminate if not completed by July 31, 2013. The transaction is subject to the approval of the different regulatory authorities including approval as per Hart-Scott-Rodino Antitrust Improvements Act and is expected to close within the first fiscal quarter of 2014. As of March 21, 2013, the transaction was approved by the regulatory board and Hart-Scott-Rodino Antitrust Improvements Act is expected to close on or about March 26, 2013. Rothschild (Canada) Holdings Inc. acted as fairness opinion provider and Sean Vanderpol, Adeline Lee, Shawn Neylan and Michael Kilby of Stikeman Elliott LLP acted as legal advisor for Harry Winston Diamond Corporation. H. John Kao of Jones Day acted as the legal advisor for Harry Winston.
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