As part of a pledge to expand its optical retail platform, particularly in Europe, Franco-Italian group EssilorLuxottica has announced its intention to acquire investment company HAL NV’s 76.72 stake in Dutch optical group GrandVision, before launching a mandatory public offer for the remaining shares.
The acquisition, agreed at €28 per share, will allow EssilorLuxottica to expand its scope of activity by adding over 7,200 stores worldwide, over 37,000 employees and an increase in annual revenue of €3.7 billion. It will also make EssilorLuxottica the uncontested leader of the global optical market.
“With GrandVision, we will be able to develop our retail network, finally extended throughout the geographies, and fully enable our multichannel and digital platforms,” commented Leonardo Del Vecchio, EssilorLuxottica’s executive chairman. “We will raise the quality of in-store experience for products, brands and services, for the benefit of all consumers and our wholesale customers.”
Stephen Borchert, CEO of GrandVision, supports the acquisition entirely: “The future integration of GrandVision with EssilorLuxottica brings new opportunities to GrandVision’s business. It will create a truly global eyecare and eyewear company that is ideally positioned to provide its customers with a high quality optical omni-channel experience.”
The transaction is expected to close within the next 12-24 months.
Topic: Optical News