Transaction between HAL and EssilorLuxottica closed
01 Luglio 2021 - 6:30PM
Transaction between HAL and EssilorLuxottica closed
Transaction between HAL and EssilorLuxottica closed
Schiphol, The Netherlands, 1 July 2021.
GrandVision (Euronext: GVNV) announces today that the transaction
between EssilorLuxottica SA (Euronext: EL) and HAL for the sale of
HAL’s 76.72% interest in GrandVision (the “Transaction”) for a
price equal to €28.42 per share has closed.
Stephan Borchert, CEO of GrandVision, commented
“With the Transaction between HAL and EssilorLuxottica completed,
we are excited to lead GrandVision into a new chapter and to
welcome EssilorLuxottica as our new majority shareholder. The
combination of GrandVision and EssilorLuxottica creates a truly
global eyecare and eyewear company that is ideally positioned to
serve the widest range of consumer needs across the world and to
provide our customers with a best-in-class omnichannel
experience.
During the past 16 months, we have weathered unprecedented
challenges, while consistently looking after the interests of our
stakeholders. I am proud to lead a company that has, with a joint
effort from our 39,000 employees, successfully managed the impact
of the COVID-19 pandemic, and has enhanced the value of this great
business. We are currently experiencing a strong business recovery,
similar to that of the second half of 2020.
While the closing of the Transaction has taken significant
effort from all parties involved, we are delighted to see it coming
through.
Given the compelling strategic rationale of this transaction,
GrandVision is convinced and excited about the future prospects of
the combination of both our businesses.”
Kees van der Graaf, Chairman of the Supervisory Board of
GrandVision, said “The completion of this transaction
marks a new era for GrandVision. I would like to express my
gratitude to HAL for their support and commitment for so many
years. We are convinced that the combination with EssilorLuxottica
will contribute to the sustainable success of the business and is
in the best interests of all GrandVision's stakeholders.”
In accordance with the applicable Dutch public offer rules,
EssilorLuxottica will launch a mandatory cash public offer (the
“Mandatory Public Offer”) for the remaining outstanding shares in
GrandVision. The price of the Mandatory Public Offer will be
determined in accordance with Dutch law and will be at a minimum of
€28.42 per share. Settlement of the Mandatory Public Offer is
expected to take place within 6 months.
Upon closing of the Transaction, the carve-out and divestment of
Rotter Y Krauss, GrandVision’s Chilean operations, as part of the
clearance for the Transaction from the Chilean competition
authority FNE, has been completed. The divestment process as part
of the conditional clearance of the Transaction by the European
Commission is continuing as planned.
Corporate GovernanceAs communicated earlier and
as approved at GrandVision's AGM held on 30 June 2020, from
completion of the Transaction, the Supervisory Board of GrandVision
will be composed of four members identified by EssilorLuxottica, Ms
Grita Loebsack, Ms Sara Francescutto, Ms Claudia Giganti and Mr
Eric Léonard; and two current members of GrandVision's Supervisory
Board, Mr Kees van der Graaf and Ms Rianne Meijerman, the latter
members qualifying as independent under the Dutch Corporate
Governance Code. Mr Kees van der Graaf will continue to serve
as Chairman of the Supervisory Board.
Mr Stephan Borchert and Mr Willem Eelman are committed to remain
as CEO and CFO of GrandVision post-closing of the Transaction and
the subsequent Mandatory Public Offer.
- GRANDVISION PRESS RELEASE