7/31/2019, 10:21 AM (Source: TeleTrader)
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EssilorLuxottica to buy GrandVision for €5.5B

French-Italian eyewear maker EssilorLuxottica, which owns the Ray-Ban brand, announced on Wednesday it is acquiring 76.72% of the Dutch optical eyewear company GrandVision for €28 per share, or €28.42 if the transaction doesn't close within one year. The companies expect the transaction to be finalized within 12 to 24 months. EssilorLuxotica will acquire the stake from HAL Optical Investments B.V. for a total of approximately €5.5 billion.

"GrandVision will bring over 37,000 employees and €3.7 billion in annual revenue to EssilorLuxottica, growing the company’s reach and expanding its dialogue with end consumers. The combination with GrandVision will create an extended multichannel platform to seize future opportunities in retail and in consumer interaction on eyecare and eyewear products and services," the announcement from both companies said.

CEO of GrandVision Stephan Borchert noted: "This transaction is expected to provide value to GrandVision’s shareholders, while allowing for the acceleration of GrandVision’s growth strategy through the expansion of our store network and online platforms. EssilorLuxottica’s interest in joining forces with GrandVision is a clear recognition of GrandVision’s successful strategy, our state-of-the-art retail platform and our people."

Baha Breaking News (BBN) / NI