European Commission approves acquisition of GrandVision majority stake by EssilorLuxottica
23 Marzo 2021 - 6:00PM
European Commission approves acquisition of GrandVision majority
stake by EssilorLuxottica
European Commission approves acquisition of
GrandVision majority stake by EssilorLuxottica
Schiphol, The Netherlands, 23 March 2021.
GrandVision N.V. (Euronext: GVNV) today confirms that the European
Commission cleared the sale by HAL Optical Investments B.V. ("HAL")
of its 76.72% ownership interest in GrandVision to
EssilorLuxottica. This clearance is effective immediately.
Stephan Borchert, CEO of GrandVision, says: “This is a
significant milestone in the approval process for the Transaction,
and we are pleased that the regulatory authorities recognize the
benefits the Transaction will bring to our stakeholders.”
The Transaction is aimed at providing consumers with tailored
vision care products to meet all of their vision and style needs.
Both companies have a history of doing business in a way that
benefits all stakeholders and will continue to do so following the
closing of the Transaction.
The clearance is conditioned to the divestment of some optical
retail businesses in Belgium, the Netherlands and Italy for an
overall number of approximately 350 stores. In particular:
- In Belgium, the GrandOptical chain and its 35 stores will be
sold but without the brand name. The purchaser will have a license
while rebranding these stores to its own choice of name.
- In Italy, the merged entity will divest a total of 174 stores,
which includes the whole of EssilorLuxottica's VistaSì chain
together with 72 stores from the “GrandVision by” chain. The
VistaSì brand will be transferred and the “GrandVision by” stores
will either be rebranded to VistaSì or to the purchaser's own
brand.
- In the Netherlands, 142 stores from the Eye Wish chain will be
sold, together with the brand name. The merged entity will keep
some stores from this chain and will have to rebrand them under a
new name.
The Transaction has been cleared so far in the European Union,
the United States, Russia, Mexico, Colombia and Brazil, and it is
currently under review in Chile and Turkey.GrandVision continues to
support EssilorLuxottica with the shared objective to close the
Transaction before 31 July 2021. After the Transaction has been
closed, EssilorLuxottica will launch a mandatory cash public offer
for all outstanding shares in the Company, in accordance with the
applicable Dutch public offer rules.
- GrandVision Press Release