EssilorLuxottica in discussions to take over owner of Vision Express
A purchase price of €28 (£25) per share for 76.72% of GrandVision has been discussed among parties
EssilorLuxottica and the owner of GrandVision, HAL Holding NV, have confirmed that discussions are taking place over the purchase of the optical retailer.
HAL Holding NV has a 76.72% ownership interest in GrandVision, which operates Vision Express globally, including in the UK and Ireland.
The companies have confirmed that an agreement has not been reached yet and emphasised that no assurances can be provided that these discussions will lead to a deal.
Any transaction would be subject to approval by regulatory authorities in various jurisdictions, which could take between 12 and 24 months.
EssilorLuxottica shared that the purchase price discussed among the parties is €28 (£25) per share.
Independent practice owner and AOP Councillor, Tushar Majithia, said that the takeover discussions will not be a surprise to many in the industry.
“Our business has always had a close relationship with Essilor, supporting us as a ‘business partner’ rather than customer. I’m curious to see if this changes in light of their interest in a direct competitor on the High Street, particularly as they are also now part of Luxottica,” Mr Majithia shared.
“We dispense premium and bespoke lens products supplied through Essilor, which have previously not been supplied by Vision Express. It seems that their strategy is to roll these products out to all the GrandVision stores, which will be disappointing. We will be seeking assurances from Essilor that they will continue to support our interests as they have always done,” he added.