BHP Exits Diamond Biz With $500M Sale To Harry Winston

Law360, New York (November 13, 2012, 4:00 PM EST) -- BHP Billiton Ltd. said Tuesday it will sell its diamonds business to Harry Winston Diamond Mines Ltd. for $500 million, exiting the precious stones business and giving the Toronto-based jeweler a chance to translate rising diamond prices into cost savings for its signature jewelry line.

Using new acquisition debt from the Royal Bank of Canada and Standard Chartered Bank, Harry Winston will buy BHP’s 80 percent stake in the Ekati mine complex in northwest Canada, about 125 miles south of the Arctic Circle. Ekati has produced...
To view the full article, register now.