Bermuda-based Signet Jewelers Ltd has moved a step closer to its acquisition of Zale Corporation.

In a statement yesterday, the companies explained the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired.

It stated: “The expiration of the HSR Act waiting period satisfies one of the conditions to the closing of the proposed acquisition, which remains subject to approval by Zale’s stockholders and certain other customary closing conditions.”

Signet is described as the largest speciality jewellery retailer in the US and UK, with the US division operating over 1,400 stores in all 50 states primarily under the name brands of Kay Jewelers and Jared The Galleria Of Jewelry. Signet’s UK division operates approximately 500 stores primarily under the name brands of H Samuel and Ernest Jones.

Zale Corporation is described as a leading speciality retailer of diamond and other jewellery products in North America, operating approximately 1,660 retail locations throughout the United States, Canada and Puerto Rico, as well as online. Zale Corporation’s brands include Zales Jewelers, Zales Outlet, Gordon’s Jewelers, Peoples Jewellers, Mappins Jewellers and Piercing Pagoda.