Harry Winston gets approval to sell luxury brand segment
TORONTO (miningweekly.com) – Canadian diamond miner and luxury goods producer Harry Winston Diamond has received all necessary approvals to sell its luxury brand segment to Swiss watchmaker The Swatch Group.
The $750-million deal that would allow Harry Winston to focus on its mining activities, was now expected to close on Tuesday.
After the close of the transaction, Harry Winston Diamond would change its name to Dominion Diamond Corporation.
Harry Winston expected to retain an ongoing relationship with Swatch, one of the world's largest buyers of polished diamonds, which would see them sourcing polished diamonds for Swatch.
CEO Robert Gannicott previously said the transaction represented a sound return on the company’s original investment and would leave the company well equipped to realise upstream opportunities in an environment where cash had become a strategic resource, while preserving and expanding its relationship with the downstream diamond business.
Harry Winston in November agreed to buy global diversified miner BHP Billiton’s diamond interests, including its 80% interest in the Ekati diamond mine, in Canada.
The $500-million deal included BHP Billiton's diamond sorting and sales facilities in Yellowknife, in the Northwest Territories and Antwerp, Belgium.
The company’s Toronto-listed shares traded 1.11% higher at C$17.31 apiece on Thursday. The firm’s shares had risen by 24.5% in value from the start of the year, when the deal was first announced.
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