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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.

SIGGI BUCHER/REUTERS

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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