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Harry Winston gets regulatory OKs for Swatch deal

A saleswoman displays brands belonging to the Swiss Swatch Group in this file photo.


Harry Winston Diamond Corp. says it has received all the regulatory approvals required for the sale of its jewellery and timepiece division to the Swatch Group AG.

Under a friendly deal announced in January, Swatch will pay $750-million and assume $250-million in debt to acquire the Harry Winston retail business.

The Toronto-based mining company – known as Aber Diamond until it acquired the Harry Winston business – expects the deal to close March 26.

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After that, its name will become Dominion Diamond Corp. and its focus will be on diamond mining in the Northwest Territories.

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