Leading Swiss watchmaker Rolex will acquire Bucherer, one of the largest international multibrand retailers of watches, according to Forbes.

In light of the deal, Rolex confirmed that Bucherer will continue to operate as an independent company under the same name and that the business’ executive teams will not change. Rolex added that it chose to purchase the massive retailer upon learning that Jörg Bucherer, the third-generation owner of the company, was contemplating a sale. Notably, the acquisition will need approval from the Swiss competition authorities before final integration.

“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 a statement.

Bucherer presently operates 100 stores across the globe, with outposts in Switzerland, England, Germany, France, Denmark, Austria and the United States, where the brand recently opened the country’s largest watch store. Today, Bucherer distributes the Rolex brand in 53 of its stores, and it distributes Rolex’s sister company, Tudor, in 48. The acquisition will likely bolster a substantial increase in those numbers.

“The Rolex group is convinced that this acquisition is the best solution not only for its own brands but also for all the watch and jewelry partner brands, as well as for all the employees of the Bucherer group,” Rolex added.

In more watch news, Audemars Piguet tapped 1017 ALYX 9SM for collaborative Royal Oak and Royal Oak Offshore timepieces.

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 Bucherer will continue to operate as an independent company under the same name.