After a rollercoaster couple of months — which have seen delays, lawsuits and new negotiations —
With a price now under $16 billion USD, LVMH chairman Bernard Arnault described the deal as a “balanced agreement,” going on to add, “We are as convinced as ever of the formidable potential of the Tiffany brand and believe that LVMH is the right home for Tiffany and its employees during this exciting next chapter.”
The announcement of the new deal comes almost exactly a year after the original $16.2 billion USD acquisition was announced. Subject to shareholder and regulatory approvals, the deal is set to close sometime in early 2021.
The acquisition is good news for LVMH, which recently posted a 21% dip in revenues for Q3.