Luxury retailer Moët Hennessy Louis Vuitton (LVMH) has reached a deal to acquire Belmond, owners, part-owners or managers of 46 luxury hotel, restaurant, train and river cruise properties around the world.

LVMH is to acquire Belmond for $25 per Class A share in cash, representing an equity value of $2.6 billion in a transaction with an enterprise value of $3.2 billion.

In the twelve months ended September 30th, Belmond recorded total revenues of $572 million and adjusted EBITDA of $140 million.

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.

Roland Hernandez, chairman, Belmond, commented: “Following a strategic review that attracted broad and deep interest from a wide range of real estate and lodging companies, sovereign wealth institutions and other financial buyers around the world, the board has concluded that this transaction with LVMH provides compelling and certain value for our shareholders as well as an exciting path forward with a group that appreciates Belmond’s irreplaceable assets and strong management team.”

Established over 40 years ago with the acquisition of Hotel Cipriani in Venice, Belmond owns and operates a global collection of hotel and luxury travel adventures properties.

The company operates in 24 countries.

Through this acquisition, LVMH will significantly increase its presence in the ultimate luxury hotel world.

Bernard Arnault, chairman, LVMH, added: “Belmond delivers unique experiences to discerning travellers and owns a number of exceptional assets in the most desirable destinations.

“Its heritage, its innovative services, its excellence in execution and its entrepreneurship resonates well with the values of the group and is complementary to our own Cheval Blanc maisons and the Bvlgari hotels activities.

“This acquisition will significantly increase LVMH’s presence in the ultimate hospitality world.”