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EssilorLuxottica to acquire GrandVision
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EssilorLuxottica plans to acquire full ownership of GrandVision by acquiring HAL’s 76.72% interest and launching a mandatory public offer for the remaining shares.
With this acquisition, EssilorLuxottica said it will add more than 7,200 optical retail stores in over 40 countries, with more than 37,000 employees, Euro 3.7 billion in annual revenue and a strong presence in Europe and Latin America to its 10,000 existing stores, several proprietary online platforms and strong presence in the Americas.
The cash purchase price would be equal to Euro 28 per share, to be increased by 1.5% to Euro 28.42 if the closing does not occur within 12 months, the company stated in a press release.
EssilorLuxottica executive chairman Leonardo Del Vecchio said in the release, “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.”
EssilorLuxottica executive vice chairman Hubert Sagnières said in the release, “This acquisition is another step towards our ambition to eradicate poor vision in the world before 2050. Following the combination with Luxottica, it’s a milestone in our vision of reshaping the optical industry with the aim to provide all consumers of the world a better optical experience with higher quality eye wear.”
“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,” GrandVision CEO Stephan Borchert said in the release. “Furthermore, it will create a truly global eye care and eye wear company that is ideally positioned to capture changing consumer needs and behaviors and provide its customers with a high-quality optical omni-channel customer experience.”
The management and supervisory boards of GrandVision fully support the transaction, according to Kees van der Graaf, chairman of the Supervisory Board of GrandVision, said in the release.