LVMH Moet Hennessy Louis Vuitton (LVMUY) and Belmond Ltd. (BEL) jointly announced that they have entered into a definitive agreement for LVMH to acquire Belmond.

LVMH is to acquire Belmond for $25.00 per Class A share in cash. This represents an equity value of $2.6B in a transaction with an enterprise value of $3.2B. In the twelve months ended September 30, 2018, Belmond recorded total revenues of $572M and adjusted EBITDA of $140M.

The transaction is expected to complete in the first half of 2019 subject to the approval of Belmond's shareholders and clearance by the relevant competition authorities.