French luxury conglomerate LVMH acquired American jeweler Tiffany & Co. for $16.2 billion, or $135 per share, in cash back in November – marking the most expensive acquisition for LVMH. Now, the brand has reiterated its plans to close the deal in light of the COVID-19 outbreak.
The deal will bolster LVMH's jewelry and watch lineup and boost the French company's presence in the United States, which accounts for about a quarter of its revenue.
The deal is set to close this year.
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