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Originally published Monday, January 14, 2013 at 10:57 AM

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News Summary: Swatch to buy Harry Winston brand

SPARKLY SWATCH: Switzerland's biggest watch maker, Swatch Group AG, will pay about $1 billion to acquire Canada's Harry Winston watch and jewelry brand, officials from both companies said Monday.

The Associated Press

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SPARKLY SWATCH: Switzerland's biggest watch maker, Swatch Group AG, will pay about $1 billion to acquire Canada's Harry Winston watch and jewelry brand, officials from both companies said Monday.

THE PRICE: The Biel, Switzerland-based company has agreed to pay $750 million to acquire the brand from Toronto-based Harry Winston Diamond Corp. and will also assume as much as $250 million in debt, a joint statement said.

RAREFIED MARKET: Swatch Group's chairwoman, Nayla Hayek, said the addition of a jewelry-watch brand "brilliantly complements the prestige segment" of Swatch's portfolio, helping it compete against luxury watch makers.

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