The strategic logic behind EssilorLuxottica’s proposed acquisition of GrandVision has not changed despite the litigation between the two companies, Leonardo Del Vecchio, Essilux executive chairman, told the Italian daily Il Messaggero.Del Vecchio is the founder of Luxottica and is the main shareholder of Essilux through his family holding company Delfin. It has been unconditionally cleared in the US, Russia and Colombia, and is under review also in Brazil, Chile, Mexico and Turkey. EU antitrust enforcers have temporarily halted an investigation into Ray-Ban maker EssilorLuxottica’s $8.1bn bid for Dutch optician group GrandVision. EssilorLuxottica is acquiring GrandVision from Dutch private equity (PE) group HAL – which holds a 76.72 percent majority stake in GrandVision – at a cash purchase price equal to €28 per share – to be increased by 1.5 percent to €28.42 if closing of the acquisition does not occur within 12 months from the announcement date (31 July 2019). Analysts say the deal between EssilorLuxottica and GrandVision would provide greater scale by allowing the companies to pool their e-commerce offerings as they seek to address growing consumer demand to shop online. GrandVision confirms HAL and EssilorLuxottica are engaged in discussions on possible sale of controlling interest in GrandVision 55.9 KB 17 July 2019: Add Files. EssilorLuxottica SA, the maker of Ray-Ban sunglasses, remains committed to its proposed 7.3 billion-euro ($8.3 billion) purchase of retailer GrandVision NV, people with knowledge of the matter said. The acquisition of GrandVision is dependent on meeting various conditions including antitrust clearance. Ray-Ban and Sunglass Hut parent, EssilorLuxottica SA, has agreed to buy GrandVision NV, a deal valuing the smaller Dutch optical retail chain at as much as 7.3 billion euros ($8.1 billion). Update on the proposed acquisition of GrandVision by EssilorLuxottica. A global leader in optical retailing, GrandVision offers a wide range of services provided by its vision experts, prescription glasses including frames and lenses, contact lenses and contact lens care products, and sunglasses. De Brauw Blackstone Westbroek is acting as legal adviser. In turn, GrandVision will benefit from EssilorLuxottica’s commitment to, and investment in, product innovation, supply chain, talent development and digital knowledge to foster a richer relationship with GrandVision’s more than 150 million consumers. EssilorLuxottica was created last year from the €46.3 billion euro merger between Italian sunglasses maker Luxottica and French lens manufacturer Essillor. EssilorLuxottica, which was formed through the merger of France's Essilor International SA and Italy's Luxottica Group SpA in 2018, agreed on July 31, 2019, to buy 76.72% of GrandVision at €28 per share, a deal that would value the target at €7.11 billion. The previous deadline was August 27, Reuters reported. We will raise the quality of in-store experience for products, brands and services for the benefit of all consumers and our wholesale customers.”. Until this is available, your continued use of this site will be deemed as consent to use of cookies. We use cookies to offer a better user experience and to analyze site traffic. EssilorLuxottica and GrandVision will work together to obtain all necessary merger clearances. Mergers Merger Cases. While the share price was still just over $144 (€130) shortly after the merger, EssilorLuxottica then saw a gradual decline. The transaction is subject to various closing conditions, including regulatory approvals and mandatory consultation procedures, and is expected to close in 12 to 24 months. We use cookies to offer a better user experience and to analyze site traffic was still over! ) shortly after the merger, EssilorLuxottica then saw a gradual decline for Dutch group... 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