Tiffany’s has approved a reduced price to sell assets to luxury giant LVMH, says a report by Business of Fashion. Tiffany’s board has approved a new price of $131.50 per share, with the deal now set to close early next year, pending shareholder and regulatory approvals. The new deal would save Tiffany’s roughly $425 million on the original price of $16.2 billion agreed before the coronavirus pandemic hit.

The deal allows the French conglomerate and its chairman, Bernard Arnault, to preserve their reputation as savvy buyers. It also spares both companies a prolonged legal battle that kicked off when Tiffany sued LVMH in a Delaware court to force it to close the deal at the original price. LVMH counter-sued Tiffany over alleged mismanagement during the pandemic in an apparent bid to get out of the deal.

The deal provides for Tiffany’s to pay its scheduled quarterly dividend of $0.58 per share in November.