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Braunstone, England--Luxury watch and jewelry retailer, Watches of Switzerland, has acquired Roberto Coin Inc., the North America business division of the renowned Italian jewelry brand, for $130 million. The deal was announced Thursday.

Under the terms of the agreement, Watches of Switzerland (WOS) will have exclusive distribution rights and ownership of the Roberto Coin brand for its North American markets, which includes U.S., Canada, Central America and the Caribbean.

WOS in its statement, said the acquisition was financed by a $115 million term loan facility.

Watches of Switzerland Group has 222 retail operations in the U.K., U.S. and Europe. Its U.S. business consists of 47 retail operations and includes fine jewelry retailers, Mayors and Betteridge. It has sold Roberto Coin jewelry in the U.S. for more than a decade.

Roberto Coin Inc. will continue to operate as an independent, standalone company within the Watches of Switzerland Group. The Coin family will retain a seat on the board of directors of Roberto Coin Inc. and Peter Webster will remain as president of Roberto Coin Inc., according to the statement.

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