Swatch Group, the world’s leading watchmaker, said on Monday it would acquire US jeweller and watchmaker Harry Winston for up to $1.0 billion (750 million euros).

The Swiss group will pay $750 million to acquire the company and add a maximum of $250 million to take over its net debt, a statement said.

The transaction, which still needs the go-ahead from regulatory authorities, does not include the mining activities of the Harry Winston Diamond Corporation, it said.

Swatch said it would take over the Harry Winston brand and all the activities related to its jewelry and watches business, as well as 535 of its employees worldwide.

Swatch chairwoman Nayla Hayek said the deal made sense since “Harry Winston does brilliantly complement the prestige segment of the (Swatch) Group.”