Tiffany & Co shareholders have approved the £12.60 billion deal that will see the American jewellery brand acquired by LVMH.
The deal was initially announced back in November, and involved LVMH paying $135 (£103) per share in cash to acquire Tiffany and was approved by the jewellery firm’s shareholders at a special meeting Tuesday Feb 4.
According to LVMH, investors voted “overwhelmingly” in favour of the acquisition.
The transacation is expected to close in the middle of the year, provided it receives regulatory approvals.
“This approval is a significant milestone as we move closer to completing our acquisition of Tiffany, an iconic company with a rich heritage and unique positioning in the global luxury jewellery market,” LVMH chairman and chief executive Bernard Arnault remarks.
During a Jan. 28 earnings call, LVMH chairman and chief executive officer Bernard Arnault predicted that the purchase of Tiffany would be as successful as its purchase of Bulgari in 2011.
Transcripts of the meeting record Arnault saying, “Since we acquired it [Bulgari], we’ve multiplied the revenue by just over two, and operating profit fivefold. That’s a target we’re setting to our Tiffany teams.”
While he admits those results took a decade, he is confident that even if it takes 10 years to see results, the acquisition of Tiffany & Co would have been worth it.
Tiffany will be joining LVMH’s list of luxury jewellery and watch brands such as Bulgari, Chaumet, Tag Heuer and Hublot.