French Luxury Group LVMH Buying Tiffany for $16.2 billion

Paris — French luxury group LVMH has agreed to buy iconic New York jeweler Tiffany & Co. for $16.2 billion, adding a famed star to its portfolio that already boasts Louis Vuitton, Christian Dior and Bulgari.

LVMH announced in a statement Monday that it will purchase the 182-year old Tiffany and its 300 boutiques worldwide at $135 a share. The agreed deal is higher than the $14.5 billion Cash offer LVMH made last month.

Tiffany - known for its delicate jewelry, distinctive blue boxes and an Audrey Hepburn movie - Says the deal will ensure its long-term sustainability. Tiffany, which is trying to transform its Brand to appeal to younger and more digital shoppers, could use a company with deep Pockets to help expand its business.