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Harry Winston sells its luxury division to Swatch

Canadian Harry Winston Diamond Corp. (TSX:HW, NYSE:HWD) announced Thursday it expects the sale of its luxury diamond jewellery and watches division to the Swatch Group to close by Tuesday next week.

The two companies announced the transaction in January, with the Swatch Group paying $750 million plus the assumption of up to $250 million of pro forma net debt.

The Toronto-based company also operates as a diamond mining company with a 40% ownership interest in the Diavik Diamond Mine, in Canada’s Northwest Territories. The firm it is currently finalizing the purchase of the Ekati Diamond Mine, including its diamond sorting and sales facilities from BHP Billiton (NYSE:BHP).

Upon completion of its luxury retail business, the company will be exclusively focused on diamond mining and the distribution business, operating under the new name, Dominion Diamond Corp.