Louis Vuitton owner LVMH has agreed to buy U.S. jeweller Tiffany for $16.2 billion in the luxury goods maker’s biggest acquisition to date.
The $135-per share cash deal will boost LVMH’s smallest business, the jewellery and watch division that is already home to Bulgari and Tag Heuer, and help it expand in one of the fastest-growing sections of the industry.
Fashion and accessories brands including Christian Dior generate the bulk of earnings at LVMH, run by France’s richest man, Bernard Arnault, though growth in jewellery has shone in recent years.
Via Reuters
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