The holiday blessing that Tiffany & Co. shareholders gave to sell the storied jeweler to LVMH pushes the contentious transaction closer to the finish line, giving billionaire Bernard Arnault the long-sought pathway to expand his global collection of luxury brands.
Tiffany will be dropped from the Standard & Poor’s 500 Index now that the deal has been approved, S&P Dow Jones Indices said late Wednesday in New York, with the jeweler replaced by Enphase Energy Inc. Tiffany shareholders voted overwhelmingly to support the deal at a virtual meeting, according to LVMH. The transaction, valued at almost $16 billion, is expected to close in early 2021.
