LVMH Agrees To Buy Tiffany For $16.2 Bln In Cash

(RTTNews) - French luxury products maker LVMH Moët Hennessy Louis Vuitton SE or LVMH Group (LVMHF.PK, LVMUY.PK) on Monday said it has entered into an agreement to acquire jeweler Tiffany & Co. (TIF) for $135 per share in cash. The transaction has an equity value of approximately 14.7 billion euros or $16.2 billion.

LVMH's acquisition of Tiffany has been approved by the boards of directors of both companies. Tiffany Board of Directors recommends that Tiffany shareholders approve the transaction with LVMH.

The deal is expected to close in the middle of 2020 and is subject to customary closing conditions, including approval from Tiffany's shareholders and the receipt of regulatory approvals.

LVMH expects the acquisition of Tiffany would strengthen its position in jewelry and further increase its presence in the United States. The addition of Tiffany will transform LVMH's Watches & Jewelry division and complement LVMH's 75 distinguished Houses.