According to a Russian satellite news agency on the 7th, the French Hennessy-Louis Vuitton Group (LVMH) said in a press release that it had completed the acquisition of Tiffany of the United States.
After the transaction was completed, Anthony Ledrew, who served as executive vice president of LVMH, was appointed CEO of Tiffany.
Alessandro Bogliolo, the current CEO of Tiffany, will leave the company on January 22, 2021.
Alexander Arnault, former CEO of RIMOWA Luggage Company, became Executive Vice President of Tiffany.
Michael Burke, who previously served as CEO of LVMH, will become the chairman of Tiffany’s board of directors.
LVMH had agreed to acquire Tiffany for $16.2 billion ($135 per share) at the end of November 2019.
The merger agreement originally stipulated that the acquisition would be completed on August 24, but the necessary regulatory approval had not been received at that time.
In late October, LVMH reached an agreement with Tiffany to reduce the acquisition price to $131.5 per share.