The Bulgari Family, majority shareholder of the renowned Italian House established in 1884 by Sotirio Bulgari, has decided to joing force sold its stake to the LVMH Group. LVMH will issue 16.5 million shares in exchange for the 152.5 million Bulgari shares currently held by the Bulgari Family (50.43% of the firm), who will thus become the second largest family shareholder of the LVMH Group. The French firm will also submit a public offer at EUR12.25 a share for the stock held by minority shareholders, valuing the entire deal at around EUR3.68 billion. Bulgari said Paolo and Nicola Bulgari will remain chairman and vice chairman of the Bulgari board of directors as part of the deal. The Bulgari family will be entitled to appoint two representatives to the LVMH board of directors and Francesco Trapani, Bulgari's chief executive, will join the executive committee of LVMH. Trapani, who is also a member of the Bulgari family, will head up an enlarged LVMH's jewelry and watches business, which already includes Zenith and Hublot as well as TAG Heuer.