Luxury giant LVMH Moët Hennessy Louis Vuitton SE has reached a $16.2 billion deal to buy #American jeweller Tiffany & Co.

The two companies announced Monday that they had entered an agreement for LVMH to acquire Tiffany for $135 a share — a multi-billion dollar bet that LVMH can restore Tiffany’s faded shine.

In a call Monday, LVMH Chief #Financial Officer Jean-Jacques Guiony described the deal as a “game-changer” for the conglomerate’s watches & jewellery segment, batting away concerns over Tiffany’s near-term performance.

“We strongly believe that LVMH is not only an ideal owner for Tiffany but also that this iconic brand is a perfect addition to our portfolio and perfect complement to our existing model,” Guiony said.The all-cash acquisition is one of the largest ever for the #French conglomerate known for its hard-charging deal making and surpasses its $13 billion deal for #Christian Dior in 2017.

That wasn’t the first time LVMH — Europe’s second-most valuable company, with a market capitalisation surpassing €200 billion — had set its sights on Tiffany. The conglomerate reportedly expressed interest in the jeweller prior to its takeover of #Bulgari in 2011 — LVMH's last major investment in hard #luxury.