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Photo: Nicolas Economou/NurPhoto via Getty Images

France's LVMH has agreed to buy U.S. luxury jeweler Tiffany & Co. for around $18.5 billion, or $135 per share, according to CNBC's David Faber.

Why it matters: This deal is largely about trade war opportunism, as Tiffany has been hammered by decreased Chinese tourism to the U.S. It's tried to offset that by opening more stores within China, but it's been hampered there by new Chinese tariffs on U.S.-made jewelry.

The bottom line: The $135 per share price is a massive premium to where Tiffany was trading last month before LVMH publicly acknowledged its takeover interest, and even an 8% bump from where Tiffany shares closed on Friday.

  • Early expectations were that the takeover price would be closer to $120 per share.
  • It gives Tiffany an equity value of around $16.3 billion, while LVMH also would assume around $2.5 billion of existing tiffany debt.
  • Faber reports that Tiffany's board is expected to vote on the deal later today.

Go deeper

Biden administration unveils 3-pronged plan to combat domestic extremism

Photo: Alex Wong/Getty Images

White House press secretary Jen Psaki announced at a briefing on Friday that the Biden administration will roll out a three-pronged, interagency plan to assess and combat the threat posed by domestic violence extremism.

Why it matters: The federal government's approach to domestic extremism has come under scrutiny in the wake of the Jan. 6 attacks on the Capitol by a pro-Trump mob. In his inaugural address, Biden repudiated political extremism, white supremacy and domestic terrorism, vowing to defeat them.

Senate confirms retired Gen. Lloyd Austin as defense secretary

Photo: Greg Nash-Pool/Getty Images

The Senate voted 93-2 on Friday to confirm retired Gen. Lloyd Austin as secretary of defense. Sens. Mike Lee (R-Utah) and Josh Hawley (R-Mo.) were the sole "no" votes.

Why it matters: Austin is the first Black American to lead the Pentagon and President Biden's second Cabinet nominee to be confirmed.