Louis Vuitton's parent secures deal to buy Tiffany for $16.2 billion
Updated : November 25, 2019 03:54 PM IST
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.
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