EssilorLuxottica announces decision to close acquisition of GrandVision on 1st July 2021 in accordance with the terms and conditions of the agreements signed on 30 July 2019
EssilorLuxottica Board of Directors approves completion of acquisition of HAL’s 76.72% interest in GrandVision
EssilorLuxottica announces its decision to proceed with the acquisition of HAL’s 76.72% interest in GrandVision at the price of Euro 28.42 per share as per the agreement entered on 30 July 2019
Charenton-le-Pont, France (June 29, 2021 – 7:00 pm) – Following the approval by its Board of Directors, EssilorLuxottica today announces its decision to complete the acquisition of HAL’s 76.72% interest in GrandVision on 1st July 2021 as per the terms and conditions of the agreement entered into on 30 July 2019.
“After assessing all our options, we have made the decision to proceed with the completion of the deal without further delay. The strategic rationale of the transaction remains strong and unchanged, and after two years of efforts and relentless work, we are now ready to turn a page and start a new chapter of EssilorLuxottica’s history, with GrandVision. In doing so, we will use the learnings and experience gathered over the past years to ensure GrandVision and its 37,000 talented employees are integrated successfully. As the industry returns to growth following the pandemic, we believe this is the perfect time to expand our retail network, so that we can engage more effectively with consumers and thus raise the visibility and quality of the entire industry. This will benefit all stakeholders, including our customers to whom we remain fully committed”, said Francesco Milleri and Paul du Saillant, respectively CEO and Deputy CEO of EssilorLuxottica.
EssilorLuxottica is a global leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses. Formed in 2018, its mission is to help people around the world to see more, be more and live life to its fullest by addressing their evolving vision needs and personal style aspirations. The company brings together the complementary expertise of two industry pioneers, one in advanced lens technology and the other in the craftsmanship of iconic eyewear, to set new industry standards for vision care and the consumer experience around it. Influential eyewear brands including Ray-Ban and Oakley, lens technology brands including Varilux® and Transitions®, and world-class retail brands including Sunglass Hut and LensCrafters are part of the EssilorLuxottica family. In 2018, EssilorLuxottica had nearly 150,000 employees and pro forma consolidated revenues of Euro 16.2 billion.
The EssilorLuxottica share trades on the Euronext Paris market and is included in the Euro Stoxx 50 and CAC 40 indices.
Codes and symbols: ISIN: FR0000121667; Reuters: ESLX.PA; Bloomberg: EL:FP.