Harry Winston Diamond has received all of the regulatory approvals necessary to close the sale of its jewelry and watch unit to Swatch . In January, the company reached an agreement with the Swiss firm to divest the division, Harry Winston Inc., for $750 million. Swatch has also agreed to assume $250 million in the unit's debt.
Additionally, HWD is to change its name to Dominion Diamond Corporation.
The divestment will allow the company to concentrate on the mining and supply of diamonds. It will continue to provide Swatch with the precious stones.
The article Harry Winston Sale to Swatch Gets Regulatory Nods originally appeared on Fool.com.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.