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LVMH buys Tiffany & Co. for $16.2 bn

02 december 2019

LVMH Moët Hennessy Louis Vuitton SE (LVMH), the world’s leading luxury group and Tiffany & Co., the global luxury jeweler, entered into a definitive agreement on Tiffany acquisition. LVMH will buy Tiffany for $135 per share in cash, or for €14.7 billion or $16.2 billion, as per the report from Tiffany. 

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                                        Image credit: Tiffany & Co.
         

The acquisition of Tiffany will strengthen LVMH’s position in jewelry and further increase its presence in the United States. Bernard Arnault, Chairman and Chief Executive Officer of LVMH, commented: “We are delighted to have the opportunity to welcome Tiffany, a company with an unparalleled heritage and unique position in the global jewelry world, to the LVMH family. We have an immense respect and admiration for Tiffany and intend to develop this jewel with the same dedication and commitment that we have applied to each and every one of our Maisons. We will be proud to have Tiffany sit alongside our iconic brands and look forward to ensuring that Tiffany continues to thrive for centuries to come.”
The addition of Tiffany will transform LVMH’s Watches & Jewelry division and complement LVMH’s 75 distinguished Houses.
The agreement was approved by the boards of directors of both companies.
The transaction is expected to close in the middle of 2020.

Victoria Quiri, Correspondent of the European Bureau, Rough&Polished, Strasbourg