Iconic New York jeweller Tiffany & Co. is joining the French luxury group LVMH, adding to an impressive portfolio of brands that includes Louis Vuitton, Christian Dior and Bulgari.

LVMH has agreed to pay $16.2 billion — higher than the original $14.5 billion cash offer made to Tiffany & Co. last month — to take ownership of the 182-year old brand and its 300 boutiques worldwide at $135 a share.

Synonymous with luxury and elegance, Tiffany & Co. says the deal will “ensure its long-term sustainability,” in a press release, enabling it to expand the business to attract younger shoppers.

Shares in Tiffany rose almost 6% in premarket trading in New York, while LVMH was up 2% in Paris.

LVMH, led by billionaire Bernard Arnault, says the deal “will strengthen its position in high-end jewellery and in the U.S. market,” and helping the conglomerate compete with Gucci-owner Kering Group and Cartier-owner Richemont SA.

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