LVMH struck a deal for Tiffany & Co. with a new $16.2 billion offer—making it the biggest luxury brand acquisition ever
LVMH will acquire Tiffany’s for $135 per share in cash, or a value of $16.2 billion—almost $2 billion higher than the initial bid that LVMH made for the luxury jeweler inThe deal will strengthen LVMH’s position in North America and build on its foothold in the jewelry market.
The deal is expected to go through in the middle of 2020, LVMH said. Shares of the Paris-based fashion house were up 2% on Monday morning, while Tiffany shares were up 6% in premarket trading. Arnault said of the move: “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.”: The acquisition had been in negotiations since October, after the initial offer of $120 per share made by Arnault was considered too low. LVMH will hope that it can bring back the sparkle to Tiffany that has dimmed in recent years.
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