LVMH Gets Approval for Bulgari Acquisition

As Bulgari announced back in March, they agreed to sell their 50.4 percent stake to LVMH for about $5.24 billion. (As part of the deal, the Bulgari family will retain a strong leadership presence in the company: They will be allotted two spots on the LVMH board of directors, and Paolo and Nicola Bulgari.) As of Thursday, LVMH secured EU approval for its purchase of Bulgari.

The acquisition will help LVMH to better compete with bigger watch and jewelry companies Richemont and Swatch.