EssilorLuxottica confirms Vision Express-owner takeover bid
The deal is subject to approval by regulatory authorities in the relevant countries
EssilorLuxottica will acquire HAL Holding NV’s 76.72% stake in the company that owns Vision Express, GrandVision.
The company confirmed that the €28 (£25) per share rate, which was announced earlier this month, will increase to 1.5% €28.42 if the acquisition does not close within 12 months.
Any transaction would be subject to approval by regulatory authorities in various jurisdictions, which could take between 12 and 24 months.
EssilorLuxottica explained that the acquisition will allow the company to deliver a superior eye care and eyewear experience to more people globally.
Once completed, the deal will see EssilorLuxottica expand its optical retail platform with the addition of 7200 stores globally, with 37,000 employees and €3.7bn (£3.3bn) in annual revenue.
CEO of GrandVision, Stephan Borchert, said: “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.”
“EssilorLuxottica’s interest in joining forces with GrandVision is a clear recognition of GrandVision’s successful strategy, our state-of-the-art retail platform and our people. We look forward to joining forces with EssilorLuxottica in what will be an exciting new chapter ahead,” he added.
Revenue growthEssilorLuxottica has also announced revenue growth of 7.3% to €8.7m (£7.9m) and 6.8% growth in gross profit to €5.5m (£5m) in the first six months of the year ending 30 June 2019.
Executive chairman of EssilorLuxottica, Leonardo Del Vecchio, said: “We now expect the second half of the year to deliver further growth and a strong improvement in profitability compared to last year, thanks to the launch of a new generation of products in the market that will allow us to improve the consumer experience.”