LVMH Purchases Tiffany & Co. for $16.2 Billion

Both companies confirmed talks of a deal in October. The French luxury group will pay $135 per share for the famous Manhattan jeweler.

Despite its global brand, the 182-year-old jeweler has been experiencing poor sales. LVMH previously acquired Rihanna’s Fenty and Fenty Beauty lines as it gains success among millennials.

The deal is expected to close in mid-2020.