Moët Hennessy Louis Vuitton SE (LVMH) will acquire Tiffany for $135 per share in cash, in a transaction with an equity value of approximately €14.7bn ($16.2bn).
Tiffany was founded in 1837 when Charles Lewis Tiffany opened the first store in downtown Manhattan. Today it is the leading luxury brand originated in the US, with more than 300 stores around the globe.
Bernard Arnault, Chairman and Chief Executive Officer of LVMH, 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 to each and every one of our Maisons. We will be proud to have Tiffany sit alongside our iconic brands and look forward to ensuring that Tiffany continues to thrive for centuries to come.”
LVMH, the French multinational luxury goods company, has 75 houses across six sectors: wine and spirits; fashion and leather goods (including Louis Vuitton, Christian Dior and Givenchy); perfumes and cosmetics; watches and jewelry (which will be joined by Tiffany); selective retailing and other activities.
In wine and spirits, its brands include Moët & Chandon, Dom Pérignon, Veuve Clicquot Ponsardin, Krug, Ruinart, Château d’Yquem, Mercier, Domaine du Clos des Lambrays, Château Cheval Blanc, Colgin Cellars, Hennessy, Glenmorangie, Ardbeg, Belvedere, Woodinville, Volcán de Mi Tierra, Chandon, Cloudy Bay, Terrazas de los Andes, Cheval des Andes, Cape Mentelle, Newton, Bodega Numanthia and Ao Yun.