LVMH has acquired Tiffany & Co. for $131.50 per share in cash. The global luxury jeweller announced that it has concluded an agreement modifying certain terms of its initial agreement to reflect the purchase of $131.50 in cash and to reduce closing conditionality. Other key terms of the Merger Agreement remain unchanged. Tiffany and LVMH have also agreed to settle their pending litigation in the Delaware Chancery Court.

Roger N. Farah, Chairman of the Board of Directors of Tiffany, commented: “We are very pleased to have reached an agreement with LVMH at an attractive price and to now be able to proceed with the merger. The Board concluded it was in the best interests of all of our stakeholders to achieve certainty of closing.”

The merger is expected to close in early 2021, subject to Tiffany shareholder approval and customary closing conditions.