French luxury goods conglomerate, LVMH, will acquire a controlling stake in Italian jewellery house, Bulgari, Financial Times reports. The Bulgari family, which includes Paolo Bulgari and Nicola Bulgari, will tender its 51% share in a share swap with the luxury goods group.

Bulgari has been valued at about €2.3 billion. As per the agreement, Bulgari’s CEO, Francesco Trapani, will take a senior role in the LVMH group, while the Bulgari family will get board representation.

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