French luxury goods brand and US jewellers Tiffany announced Monday a USD 16.2 billion tie-up that is the French luxury group’s biggest-ever acquisition and will bolster its presence in the United States.

The companies said in a statement they “have entered into a definitive agreement whereby LVMH will acquire Tiffany for USD 135 per share in cash, in a transaction with an equity value of approximately 14.7 billion euros or USD 16.2 billion.”

Announcing the deal, LVMH CEO Bernard Arnault, said:

We are delighted to have the opportunity to welcome Tiffany, a company with an unparalleled heritage and unique position in the global jewelry world, to the LVMH family. We have an immense respect and admiration for Tiffany and intend to develop this jewel with the same dedication and commitment that we have applied to each and every one of our Maisons. We will be proud to have Tiffany sit alongside our iconic brands and look forward to ensuring that Tiffany continues to thrive for centuries to come.

Tiffany CEO Alessandro Bogliolo said:

Tiffany has been focused on executing on our key strategic priorities to drive sustainable long-term growth. This transaction, which occurs at a time of internal transformation for our legendary brand, will provide further support, resources and momentum for those priorities as we evolve towards becoming The Next Generation Luxury Jeweler. As part of the LVMH group, Tiffany will reach new heights, capitalizing on its remarkable internal expertise, unparalleled craftsmanship and strong cultural values.

Tiffany & Co. currently employs over 14,000 people and has 300 locations across the globe, including its iconic Manhattan location that was featured in the Audrey Hepburn classic Breakfast at Tiffany’s. It’s unknown how or if the merger will affect the headcount at Tiffany. The deal is expected to close sometime in the middle of 2020.