EssilorLuxottica to acquire GrandVision optical chain
Home > EssilorLuxottica to acquire GrandVision optical chain
31st July 2019
Leonardo Del Vecchio
EssilorLuxottica announced today that it is to acquire Dutch investment company HAL NV’s 76.72 per cent interest in Dutch optical group GrandVision, and launch a mandatory public offer for the remaining shares upon completion of the transaction.
The aim, the company stated, was “to acquire full ownership in GrandVision to create a truly global eyecare and eyewear company” – with the transaction expected to close in the next 12-24 months.
EssilorLuxottica said it had agreed to buy the stake in GrandVision from HAL for 28 euros per share. The price could rise to 28.42 euros if the deal is not closed within a year, and the terms value the whole of GrandVision at up to 7.2 billion euros, Reutersreported.
Through the acquisition of GrandVision, EssilorLuxottica pledged to expand its optical retail platform, primarily in Europe, by adding more than 7,200 stores globally, more than 37,000 employees and Euro 3.7 billion in annual revenue.
Leonardo Del Vecchio, executive chairman of EssilorLuxottica, commented: “Following the creation of EssilorLuxottica, which I strongly pursued, the acquisition of GrandVision represents the realisation of a vision that has guided my actions and the growth of Luxottica over all these years.
“With GrandVision, we will be able to develop our retail network, finally extended throughout the geographies, and fully enable our multichannel and digital platforms. We will raise the quality of in-store experience for products, brands and services for the benefit of all consumers and our wholesale customers.”