ZURICH (AFP) - Swatch Group, the world's leading watchmaker, said on Monday that it would acquire the US jeweller and watchmaker Harry Winston for up to US$1 billion (S$1.23 billion).

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

The transaction does not include the mining activities of the Harry Winston Diamond Corporation, it said.