Tiffany agrees to $15.8 billion revised sale price, merger with LVMH, owner of Louis Vuitton, Sephora and Hennessy
Luxury goods giant LVMH has officially landed its gem.
The Paris-based conglomerate, which has a portfolio including Louis Vuitton, Christian Dior, Bulgari and Hennessy, will acquire New York's famed jeweler Tiffany for $15.8 billion, the companies said.
The sale price is slightly lower than the $16.2 billion the two companies announced in November 2019. LVMH will now pay $131.50 per share for Tiffany's stock, down from $135 per share.
LVMH appeared to walk away from the acquisition last month after it said the French government had pushed for a delay to assess the threat of proposed U.S. tariffs.
Rumors that both were still interested in making the deal happen began to surface in recent days.
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"We are as convinced as ever of the formidable potential of the Tiffany brand and believe that LVMH is the right home for Tiffany and its employees during this exciting next chapter," said LVMH president and CEO Bernard Arnault in a statement.
The buyout has been approved by the boards of both companies, and it's expected to close early next year.
The two companies will settle pending litigation in Delaware Chancery Court. Tiffany had sued LVMH asking the court to make the luxury goods company abide by the merger agreement.
Contributing: The Associated Press
This article originally appeared on USA TODAY: Tiffany & Co. merges with luxury goods company LVMH for $15.8 billion
