Bulgari Sells 56% Of Its Company To Louis Vuitton For 5.2 Billion Deal

LVMH said in a statement it will exchange 16.5 million of its own shares for the 56% stake in Bulgari owned by the company's founding family. Bulgari will be paid with Louis Vuitton shares worth 5.2 billion.

LVMH will offer the remaining Bulgari shareholders $17.10 per share in a public offering. After the deal, the Bulgari family will own 3% of LVMH.

Bulgari was started in 1884 by Greek immigrant Sotirios Bulgari, who opened the flagship Via Condotti store in Rome in 1905
 and has expanded to more than 260 stores.