HispanicBusiness

Swatch will take over US watch and jewellery company Harry Winston for a total of 1 billion dollars, the Swiss watchmaking group said Monday.

Swatch, the world's biggest watchmaker, said it would pay 750 million dollars and would take over 250 million dollar of debt to acquire the luxury brand.

Harry Winston is one of the most prestigious jewellers in the United States, whose products often adorn Hollywood stars.

"Harry Winston does brilliantly complement the prestige segment of the group," said Swatch chairwoman Nayla Hayek. Her corporation already owns brands such as Breguet and Blancpain.

Swatch shares were the biggest winners on the Zurich stock exchange in the first hour of trading, adding 2.88 per cent to 506.50 Swiss francs (553 dollars).

The owner of the US company, Harry Winston Diamond Corporation, will not sell its diamond mining branch as part of the deal.

The takeover is pending approval by regulators.