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Geneva, Switzerland--Two iconic names in the watch industry will soon be partners. Swiss watchmaking brand, Rolex, has acquired Bucherer, one of the world’s largest watch retailers, according to an article on Forbes.

In a statement, Rolex said Bucherer will keep its name and continue to operate as an independent company.

The financial terms were not disclosed and the acquisition needs the approval of Swiss competition authorities.

Rolex said it made the decision to buy the retailer after third generation owner, Jörg Bucherer, in the absence of direct descendants, was considering selling the company.

“This move reflects the Geneva-based brand’s desire to perpetuate the success of Bucherer and preserve the close partnership ties that have linked both companies since 1924,” Rolex said in the statement.

Bucherer is an international multibrand retailer of watches and jewelry, with stores in Switzerland, the United States, England, Germany, France, Denmark and Austria. Bucherer has more than 100 sales outlets worldwide, of which 53 distribute the Rolex brand and 48 distribute the Tudor brand, Rolex’s sister watch company.

Read more on Forbes.