The Swatch Group Ltd. is buying the jewelry and watch business of Harry Winston Inc. for $750 million.

The deal is for 100 percent of HW Holdings Inc., owner of New York-based Harry Winston. The transaction also includes up to $250 million in debt assumption. 

Bienne, Switzerland-based Swatch makes watches and sells watch batteries and straps. Harry Winston is known for its diamonds.

Swatch isn’t buying the company’s diamond mining operations, Harry Winston Diamond Corp. (NYSE: HWD, TSX: HW). Harry Winston owns a 40 percent stake in the Diavik diamond mine in Canada’s Northwest Territories, while Rio Tinto Ltd. owns the remaining interest. The target spent $500 million in November to acquire BHP Billiton Ltd. (BHP)’s Ekati mine in Canada and its marketing operations.

The transaction is subject to regulatory approval.

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