PARIS (AP) — French luxury giant LVMH Moet Hennessy Louis Vuitton says it has reached a deal to buy U.S.-based jewelry legend Tiffany & Co for $16.2 billion.

LVMH said in a statement Monday that the deal values the 180-year old Tiffany and its 300 boutiques worldwide at $135 a share.

It says both companies' boards approved the deal and hope to finalize the takeover in 2020 subject to the approval of regulators and Tiffany shareholders.

LVMH says the deal will strengthen its position in high-end jewelry and in the US market.

Tiffany says the deal will ensure the company's long-term sustainability.

LVMH already owns 75 brands.