The European luxury conglomerate behind Louis Vuitton and Bulgari is taking over iconic New York jeweller Tiffany & Co.
The deal which is at $135 a share, or $16.3 billion, has been in the works since last month, and both sides met on Sunday to approve the deal.
Shares of Tiffany have risen over excitement of a higher-priced deal - the brand had experienced falling annual sales and profit since 2015, before a revenue turnaround in 2017.
The move by Paris-based LVMH mirrors rival Kering’s expansion into the high-end jewellery market after it acquired Cartier.
LVMH which also owns Louis Vuitton, Christian Dior and Dom Perignon, reported sales of about $50 billion last year.