EssilorLuxottica Completes GrandVision Acquisition
Global eyewear leader EssilorLuxottica announced on June 29, 2021, its decision to finalize the acquisition of a majority stake in GrandVision on July 1, 2021, adhering to the original agreement terms.
EssilorLuxottica has confirmed its intention to complete the acquisition of HAL Holding's 76.72% stake in GrandVision on July 1, 2021. This decision follows an approval by the company's Board of Directors and aligns with the terms of the agreement signed on July 30, 2019.
The transaction involves acquiring HAL's stake at a price of 28.42 euros per share. EssilorLuxottica stated that the strategic rationale for the acquisition remains strong, anticipating an expansion of its retail network.
The acquisition is expected to integrate GrandVision's network of over 7,000 stores, including brands like GrandOptical and Pearle Vision, into EssilorLuxottica's global operations. This move aims to strengthen the company's position in the eyewear and eye care sectors.
In a joint statement, CEO Francesco Milleri and Deputy CEO Paul du Saillant indicated that the decision comes after two years of effort and marks the beginning of a new phase for EssilorLuxottica with GrandVision. They believe the current period of industry recovery post-pandemic presents an opportune moment to expand retail presence, enhance consumer engagement, and improve the overall quality of the optical industry.