Benzinga | Jan 7, 2021 12:57PM EST

LVMH Acquires Tiffany in $15.8B Deal, Reshuffles Management

LVMH Moet Hennessy Louis Vuitton (OTC:LVMUY) shares were trading higher Thursday after the company announced it had completed its acquisition of Tiffany & Co (NYSE:TIF).

The deal makes this the largest acquisition ever in the luxury sector and is estimated to be worth $15.8 billion, according to Reuters.

LVMH's acquisition of the U.S. jeweler will transform LVMH's watches and jewelry division and complement its 75 distinguished maisons, the company said.

LVMH also announced changes in management at Tiffany & Co. Anthony Ledru, previously executive vice president, global commercial activities at Louis Vuitton and formerly senior vice president of North America at Tiffany, becomes CEO of Tiffany, effective immediately.

Current CEO Alessandro Bogliolo has agreed to remain with the company to facilitate the transition through Jan. 22 this year after which time he will depart the company.

LVMH shares were trading up 2.58% at $126.07 at the time of publication.