EssilorLuxottica to acquire 76.72 percent stake in GrandVision

EssilorLuxottica has announced that the company is acquiring HAL's 76.72 percent interest in GrandVision at a cash purchase price equal to 28 euros (31 dollars) per share – to be increased by 1.5 percent to 28.42 euros (31.7 dollars) if closing of the acquisition does not occur within 12 months from the announcement date. After the closing of the transaction with HAL, the company added, EssilorLuxottica will launch a mandatory public offer for all outstanding GrandVision shares.

Commenting on the development, Leonardo Del Vecchio, Executive Chairman of EssilorLuxottica said in a statement: "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.”

The company further said that this combination, which further complements EssilorLuxottica’s scope of activities, will allow the company to deliver a superior eyecare and eyewear experience to more people globally. GrandVision will benefit from EssilorLuxottica’s commitment to, and investment in product innovation, supply chain, talent development and digital knowledge, while EssilorLuxottica will expand its optical retail platform, primarily in Europe, by adding more than 7,200 stores globally, over 37,000 employees and 3.7 billion euros in annual revenue.

“The future integration of GrandVision with EssilorLuxottica brings new opportunities to GrandVision’s business, its well-established retail banners, stores, employees and all our stakeholders. We look forward to joining forces with EssilorLuxottica in what will be an exciting new chapter ahead,” added Stephan Borchert, CEO of GrandVision.

Picture:EssilorLuxottica media centre