PARIS – French luxury group LVMH has agreed to buy iconic New York jeweler Tiffany & Co. for $16.2 billion, adding a famed star to its portfolio that already boasts Louis Vuitton, Christian Dior and Bulgari.
LVMH announced in a statement Monday that it will purchase the 182-year old Tiffany and its 300 boutiques worldwide at $135 a share. The agreed deal is higher than the $14.5 billion cash offer LVMH made last month.
Tiffany – known for its delicate jewelry, distinctive blue boxes and an Audrey Hepburn movie –says the deal will ensure its long-term sustainability.
LVMH’s share price rose on the announcement, trading Monday up two percent at 403.50 euros.
Paris-based LVMH, led by billionaire Bernard Arnault, says the deal will strengthen its position in high-end jewelry and in the United States’ market. (AP)
