French luxury goods giant LVMH has announced it is buying the iconic New York City-based jeweler Tiffany & Co for $16.2 billion dollars. The deal will see LVMH pay $135 per share for Tiffany. That price is a $10 premium over where Tiffany’s stock closed at on Friday, which was just above $125 per share. « We are delighted to have the opportunity to welcome @TiffanyAndCo to the LVMH family. » Bernard Arnault. https://t.co/XigkCgwGPG pic.twitter.com/3UqfyLZ6Wq — LVMH (@LVMH) November 25, 2019 News of the merger has been circulating for weeks and if approved by shareholders and regulators will be one of the largest mergers ever in the luxury goods sector. Scooping up the iconic Tiffany is a major win for LVMH, which already owns some of the world’s most iconic luxury brands, including Louis Vuitton, Bvlgari, Christian Dior, and dozens more. Announcing the deal, LVMH CEO Bernard Arnault, said: 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… Read full this story
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