Louis Vuitton and Tiffany have announced on Monday that Louis Vuitton will be acquiring Tiffany in a 16.2 billion dollar deal. LVMH (Louis Vuitton Moet Hennessy) spent a month working out a deal with Tiffany, the most iconic luxury brand for wedding rings and diamonds. The companies said in a statement they "have entered into a definitive agreement whereby LVMH will acquire Tiffany for $135 per share in cash, in a transaction with an equity value of approximately 14.7 billion euros or $16.2 billion." The acquisition will add Tiffany to LVMH’s stable of luxury brands that include Louis Vuitton, Dior, and Moet & Chandon. "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," said the group's chief executive, Bernard Arnault."Following a strategic review that included a thoughtful internal process and expert external advice, the Board has concluded that this transaction with LVMH provides an exciting path forward..." said Tiffany's board chairman, Roger Farah. Tiffany was founded in 1837 and is headquartered on 5th avenue in New York. It is the most iconic US luxury brand as reflected in the “Breakfast at Tiffany’s novel by Truman Capote. By adding Tiffany, LVMH’s stature in the American Market could be strengthened. The board of directors for both the companies have approved the acquisition.