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Harry Winston clears regulatory OKs for sale of jewellry business to Swatch

Harry Winston Diamond Corp. (TSX:HW) says it has received all the regulatory approvals required for the sale of its jewellry and timepiece division to the Swatch Group.

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.

After that, its name will become Dominion Diamond Corp. and its focus will be on diamond mining in the Northwest Territories.