Switzerland’s biggest watch maker, Swatch Group, says it has agreed to pay about $1 billion to acquire Canada’s Harry Winston watch and jewellery brand.

The Biel, Switzerland-based company says it will pay $750 million to acquire the brand from Toronto-based Harry Winston Diamond and will also assume as much as $250 million in debt.

The acquisition includes the Harry Winston production company in Geneva and more than 500 employees globally.

Swatch Group’s chairwoman, Nayla Hayek, said in a statement on Monday that the addition of a jewellery-watch brand “brilliantly complements the prestige segment” of Swatch’s portfolio, helping it compete against luxury watch makers.

The deal is subject to regulatory approval.