LVMH acquires Tiffany & Co.

LVMH and Tiffany & Co. announced that the companies have entered into a definitive agreement whereby LVMH will acquire Tiffany for US$135 per share in cash, in a transaction with an equity value of approximately Euro 14.7 billion or US$ 16.2 billion.

LVMH Moët Hennessy Louis Vuitton, the world’s leading luxury group, and Tiffany & Co., the famous luxury jeweler, today announced that the companies have entered into a definitive agreement whereby LVMH will acquire Tiffany for US$135 per share in cash, in a transaction with an equity value of approximately Euro 14.7 billion or US$ 16.2 billion.

The acquisition of Tiffany will strengthen LVMH’s position in jewelry and further increase its presence in the United States. The addition of Tiffany will transform LVMH’s Watches & Jewelry division and complement LVMH’s 75 Brands (or Houses as LVMH call them).

Bernard Arnault, Chairman and Chief Executive Officer of LVMH, commented: “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.”

Roger N. Farah, Chairman of the Board of Directors of Tiffany, commented, “Following a strategic review that included a thoughtful internal process and expert external advice, the Board has concluded that this transaction with LVMH provides an exciting path forward with a group that appreciates and will invest in Tiffany's unique assets and strong human capital, while delivering a compelling price with value certainty to our shareholders.”

LVMH’s acquisition of Tiffany has been approved by the boards of directors of both companies and the Tiffany Board of Directors recommends that Tiffany shareholders approve the transaction with LVMH. The transaction is expected to close in the middle of 2020 and is subject to customary closing conditions, including approval from Tiffany’s shareholders and the receipt of regulatory approvals.

The Tiffany & Co. calendar watch given to U.S. President Franklin D. Roosevelt in 1945

Suggested reading:
- Tiffany in watchmaking history