EssilorLuxottica’s acquisition of GrandVision receives Turkish authority approval
With this decision, the companies have received all regulatory approvals for the closing of the proposed acquisition
The Turkish Competition Authority (TCA) has cleared the proposed acquisition of GrandVision by EssilorLuxottica.
The decision means all regulatory approvals required for closing the proposed transaction have been obtained.
The conditional approval was granted following “certain behavioural commitments” made by EssilorLuxottica, “with regards to the conduct of its business in Turkey.”
This latest decision follows the conditional approval of the European Commission, granted in spring, and clearance from the Chilean market regulator, Fiscalía Nacional Económica (FNE).
Both decisions were conditional on a series of divestments from the two companies. European Commission clearance was conditional on the divestment of some of EssilorLuxottica’s optical retail businesses in Belgium, the Netherlands and Italy – totalling around 350 stores. Similarly, the FNE approval followed a commitment from GrandVision to divest it Chilean operations under the Rotter Y Krauss banner. The Chilean operations will be sold to HAL.
The outcome of the transaction is still subject to a decision regarding ongoing arbitration proceedings between the two companies, launched during a legal dispute last year over the disclosure of information into how GrandVision had managed business during the pandemic.