Aber to Purchase High End Jeweler Harry Winston

Aber Diamond has signed a letter of intent with the owners of Harry Winston Inc. “that contemplates Aber purchasing Harry Winston Inc. in a staged transaction”.  The though a staged acquisition, a controlling interest will be taken right from the start. 

Details of the transaction have not been finalized, however a company spokesperson says it is well within the company’s earnings ability.

A source close to the negotiations says that if the deal succeeds, Aber is expected to pay a few tens of million of dollars for the controlling interest, and that the purchasing process will be stretched over a period of time.

The transaction, the company says in a press release, is subject to the completion of due diligence, completion of documentation satisfactory to all parties, as well as regulatory approval.

Standard due diligence usually takes up to 90 days.

Harry Winston is a profile jewelry maker, most noted for the prominent presence on the red carpets of the Oscars and Emmy award ceremonies.

Tiffany, the luxury jewelry house that holds a 14.7 percent stake in Aber, will become an indirect part owner of Harry Winston if the agreement is signed.  It’s believed Tiffany, no doubt in the loupe as Tiffany’s CFO Jim Fernandez sits on Aber’s board of directors, endorsed the deal.