Until this is available, your continued use of this site will be deemed as consent to use of cookies. Update on the proposed acquisition of GrandVision by EssilorLuxottica. Bausch Health Acquires Option To Purchase Ophthalmology Assets Of Allegro Ophthalmics, BVI Expands Portfolio with New Viscoelastic; Forges Strategic Partnership with Croma. EssilorLuxottica and GrandVision will work together to obtain all necessary merger clearances. Concerns have been raised that the merger may reduce competition for the wholesale supply of ophthalmic lenses and eyewear, … An in-depth investigation has been launched by the European Commission into the proposed acquisition of GrandVision by EssilorLuxottica. On this page you can search for all merger cases. EssilorLuxottica, the world leader in optics, filed a lawsuit in Rotterdam, the Netherlands, to obtain information from the global optical distributor GrandVision about the impact of the coronavirus crisis on its business and to assess the extent of GrandVision’s breaches of its obligations under the Support Agreement.. It has been unconditionally cleared in the US, Russia and Colombia, and is under review also in Brazil, Chile, Mexico and Turkey. The previous deadline was August 27, Reuters reported. Hitachi to acquire the remaining shares in Hitachi High-Technologies for $4.8bn. For JV and ECSC cases (old cases not available via the search page) follow this link: JV and ECSC cases. 17 July 2019: Add Files. The European Union competition regulator did not give details for the move, the third time it has halted proceedings. 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. CHARENTON-LE-PONT, France — EssilorLuxottica SA, the maker of Ray-Ban sunglasses, remains committed to its proposed €7.3 billion ($8.3 billion) purchase of retailer GrandVision NV, people with knowledge of the matter said.. EssilorLuxottica SA agreed to buy GrandVision NV in a deal that values the smaller Dutch eyecare retailer at as much as 7.3 billion euros ($8.1 billion) and … EU antitrust enforcers have temporarily halted an investigation into Ray-Ban maker EssilorLuxottica’s $8.1bn bid for Dutch optician group GrandVision. EssilorLuxottica was created last year from the €46.3 billion euro merger between Italian sunglasses maker Luxottica and French lens manufacturer Essillor. The transaction is supported by GrandVision’s management board and supervisory board. Mergers Merger Cases. No stranger to large-scale acquisition, EssilorLuxottica itself is a result of the €46bn merger of Italy’s Luxottica Group SpA and France’s Essilor International SA in 2017. The acquisition of GrandVision is dependent on meeting various conditions including antitrust clearance. De Brauw Blackstone Westbroek is acting as legal adviser. More reading Commission probes proposed EssilorLuxottica-GrandVision acquisition GrandVision Transaction Announcement Presentation 1.1 MB. EssilorLuxottica, the maker of Ray-Ban sunglasses, is reconsidering its agreed €7.3 billion (US$8.8 billion) purchase of optical retailer GrandVision NV over legal and pandemic concerns, reported Bloomberg. “Furthermore, it will create a truly global eyecare and eyewear company that is ideally positioned to capture changing consumer needs and behaviours, and provide customers with a high quality optical omnichannel customer experience.”. Mr Sagnières concluded: “We look forward to welcoming GrandVision to the growing EssilorLuxottica family. 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. In this section you will find all the press releases concerning EssilorLuxottica: enter the website to discover more. 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). GrandVision supports EssilorLuxottica in acquiring HAL's 76.72% interest in GrandVision 31.07.19 Corporate GrandVision reports HY19 revenue growth of 7.3% … GrandVision sells lower-priced eyewear through chains such as Brilleland and For Eyes in more than 40 countries. “It is a milestone in our vision of reshaping the optical industry with the aim to provide all consumers of the world a better optical experience with higher quality eyewear.”. EssilorLuxottica's $8.1bn acquisition of a 77% stake in GrandVision faces EU probe. In a merger which creates a truly global eyecare and eyewear company, French-Italian ophthalmic optics company EssilorLuxottica has acquired Dutch optical retailer GrandVision in an €8bn deal. Together, we will have an even stronger voice to champion better vision everywhere in the world.”. EssilorLuxottica said that after completing a transaction with holding company HAL Holding, it would seek to buy out the rest of GrandVision, which could ultimately value the Dutch company at more than €7.15 billion ($8 billion). “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,” said Stephan Borchert, chief executive of GrandVision. The deal with GrandVision would help EssilorLuxottica solidify its global dominance by adding a vast network of European eyewear chains. Upon completion, EssilorLuxottica will launch a mandatory public offer for the remaining GrandVision shares held by HAL. “The acquisition of GrandVision represents the realization of a vision that has guided my actions and the growth of Luxottica over all these years,” said Leonardo Del Vecchio, executive chairman of EssilorLuxottica. •Through the acquisition of GrandVision, EssilorLuxottica will expand its optical retail platform, primarily in Europe, by adding more than 7,200 stores globally, over 37,000 employees and €3.7 billion in annual revenue •The combination, which further complements EssilorLuxottica’s scope of activities, will allow the EssilorLuxottica has agreed to buy rival GrandVision in a €7.1bn deal that will underline the Franco-Italian group’s dominance as the world’s largest eyewear maker and retailer. For latest updates of cases follow this link updates of cases. To comply with the European General Data Protection Regulation (GDPR), we are implementing a cookie consent manager to provide residents of the EU/EEA with the ability to customize their cookies. Since the merger in October 2018, the papers have gone through a rollercoaster ride. GrandVision supports EssilorLuxottica in acquiring HAL's 76.72% interest in GrandVision 98 KB. Spectacles maker EssilorLuxottica said on Friday it would appeal against a court verdict regarding planned takeover target GrandVision, after losing a … 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. The proposed EssilorLuxottica-GrandVision deal is under review by the European competition authority. The Franco-Italian company still sees value in acquiring GrandVision’s network of eyewear shops across Europe, according to the people, who asked not to be … “With GrandVision, we will be able to develop our retail network, finally extended throughout the geographies, and fully enable our multichannel and digital platforms. The acquisition of GrandVision is dependent on meeting various conditions including antitrust clearance. 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. We will raise the quality of in-store experience for products, brands and services for the benefit of all consumers and our wholesale customers.”. 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). While the share price was still just over $144 (€130) shortly after the merger, EssilorLuxottica then saw a gradual decline. Through the acquisition of GrandVision, EssilorLuxottica will expand its optical retail platform, primarily in Europe, by adding more than 7,200 stores globally, over 37,000 employees and Euro 3.7 billion in annual revenue The Transaction is subject to various closing conditions, including regulatory approvals and mandatory consultation procedures GrandVision operates about 5,300 stores across Europe and has a global network of more than 7,200 stores. EssilorLuxottica's brand portfolio includes Ray-Ban and Oakley, and the company also makes equipment such as lenses, according to its website. 31 July 2019: Add Files. October 2019  |  DEALFRONT  |  MERGERS & ACQUISITIONS. GrandVision confirms HAL and EssilorLuxottica are engaged in discussions on possible sale of controlling interest in GrandVision 55.9 KB EssilorLuxottica operates more than 9,000 stores, including retail brands like LensCrafters and Pearle Vision in the United States. 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. ... Update on legal proceedings to obtain information from HAL and GrandVision. A blockbuster deal in the eyecare retail space was announced on Wednesday as EssilorLuxottica, the maker of Ray-Ban sunglasses, agreed to buy Dutch retailer GrandVision NV in multi-billion dollar deal. 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. 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). EssilorLuxottica was created last year from the €46.3 billion euro merger between Italian sunglasses maker Luxottica and French lens manufacturer Essillor. 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. 17 Aug 2020. Version: 1.0.12 Last modified: Wed Nov 25 2020 04:36:00 GMT-0800 (Pacific Standard Time) It is expected that it will take approximately 12 to 24 months before closing of the Transaction. These products are offered through leading optical retail banners which operate in more than 40 countries across Europe, the Americas, the Middle East and Asia. “This acquisition is another step towards our ambition to eradicate poor vision in the world before 2050,” said Hubert Sagnières, executive vice chairman of EssilorLuxottica. With the acquisition of GrandVision, EssilorLuxottica will expand its optical retail platform, primarily in Europe, by adding more than 7200 stores globally, over 37,000 employees and €3.7bn in annual revenue. PDF 0.13MB. We use cookies to offer a better user experience and to analyze site traffic. EssilorLuxottica Is Said to Be Reconsidering GrandVision Deal Ruth David, Bloomberg News A phoropter ophthalmic testing device sits inside a Pearle opticians store, operated by Grandvision NV, in Amsterdam, Netherlands, on Wednesday, July 1, 2020. GrandVision supports EssilorLuxottica in acquiring HAL's 76.72% interest in GrandVision 31.07.19 Corporate EssilorLuxottica intends to acquire full ownership in GrandVision to create a truly global eyecare and eyewear company. For currently open merger cases follow this link open merger cases. Macquarie makes a rival bid for Cincinnati Bell. Skip to main content This site uses cookies. Charenton-le-Pont, France, February 6, 2020 – EssilorLuxottica S.A. and GrandVision … Acting as financial adviser to GrandVision is ING. Paris-based EssilorLuxottica agreed to buy control (77%) of European rival GrandVision for about €5.49 billion (about $6.1 billion). 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