EssilorLuxottica shares acquisition news
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The European Commission cleared EssilorLuxottica’s acquisition of GrandVision, and EssilorLuxottica entered into an agreement to acquire U.S.-based lab network Walman, the company announced in separate press releases.
As a condition of the GrandVision clearance, about 350 optical retail businesses in Belgium, the Netherlands and Italy must be divested, EssilorLuxottica said in a release.
“The outcome of the proposed transaction is still depending on the sign-off from the competition authorities in Chile and Turkey, as well as the decisions regarding ongoing litigations,” the company stated.
EssilorLuxottica’s acquisition of Walman will, “continue to serve the market under the Walman brand,” leveraging optical solutions for myopia management, and growing the progressive and antireflective lens markets, EssilorLuxottica said in a separate release.
Walman has a network of 35 facilities, including prescription lens finishing labs and hubs for optical instruments and other vision care products.
“It was time for Walman to find an investment partner to support its future success,” Walman President and CEO Marty Bassett said in the release. “We chose EssilorLuxottica because of our shared values and their proven history of working with independent businesses to accelerate growth while supporting the entrepreneurial spirit and company culture that made each business successful in the first place.”
EssilorLuxottica stated in the release that the transaction was “expected to close in the coming months pending regulatory approvals and other customary closing conditions.”
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