Louis Vuitton Moet Hennessy just dropped a bomb on us! The French luxury group announced that they are, indeed acquiring Tiffany and Co. with a whopping $16.2 billion deal!
After weeks of anticipation, the two companies announced that LVMH will pay the Manhattan jeweler $135 for each share, valuing Tiffany at around $16.2 billion!
The deal had been expected for weeks. Tiffany and LVMH both confirmed in October that they were in talks to combine after Paris-based LVMH reached out with an unsolicited initial offer of $14.5 billion. That was already a premium over Tiffany's stock price at the time.
The deal is one of the largest in the history of the luxury sector and in the career of LVMH CEO Bernard Arnault, Europe's richest man. In a statement Monday, Tiffany chairman Roger N. Farah said the deal would give the company "an exciting path forward with a group that appreciates and will invest in Tiffany's unique assets and strong human capital."
The deal is set to manifest in mid-2020.
Well, what are your thoughts?
(SOURCE: CNN Business)