Bulgari owner LVMH has reached a deal to buy Tiffany & Co. at $135 a share in cash, or $16.2 billion. Shares of Tiffany, the iconic New York-based jeweler, have risen over hopes of a higher-priced deal. Shares closed on Friday at $125.51. They had traded at about $140 in the middle of last year. It said it would also “transform LVMH’s Watches & Jewelry division and complement LVMH’s 75 distinguished Houses.”LVMH CEO Bernard Arnault said that the company intended “to develop this jewel with the same dedication and commitment that we have applied to each and every one of our Maisons. We will be proud to have Tiffany sit alongside our iconic brands.” LVMH shares were trading 1.4% higher Monday morning following the announcement. LVMH has built up a large portfolio of luxury brands across different retail sectors, from fashion to perfume. Some of its well-known brands include Moët & Chandon, Dom Perignon, Givenchy, and Louis Vuitton. The boards of both LVMH and Tiffany approved the deal on Sunday and the transaction is expected to close in the middle of 2020, subject to approval from Tiffany’s shareholders and regulatory approvals.