Swatch to buy US jeweller Harry Winston

SWATCH, the world's leading watchmaker, says it will acquire US jeweller and watchmaker Harry Winston for up to $US1billion ($A952.70 million).

The Swiss group will pay $US750 million to acquire the company and add a maximum of $US250 million to take over its net debt, a statement on Monday said.

The transaction, which still needs the go-ahead from regulatory authorities, does not include the mining activities of the Harry Winston Diamond Corporation, it said.

Swatch said it would take over the Harry Winston brand and all the activities related to its jewellery and watches business, as well as 535 of its employees worldwide.

Swatch chairwoman Nayla Hayek said the deal made sense since "Harry Winston does brilliantly complement the prestige segment of the (Swatch) Group".

"Diamonds are still a girl's best friend," she added in the statement.

Harry Winston's chief executive Robert Gannicott also hailed the deal.

"The Harry Winston brand now has a new home that can provide the skills and support that it deserves to realise its true potential," he said in the statement.

Analysts were also enthusiastic about the purchase, although they said the price was steep.

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