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Dan Smith

What are the details of EssilorLuxottica's $8 billion deal to buy GrandVision?

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EssilorLuxottica (EPA:EL) plans to acquire Dutch optical retailer GrandVision (AMS:GVNV) for up to 7.2 billion euros ($8bn) in cash, a move that will give the French company control of a great number of stores where it sells its products. This is a significant move for EssilorLuxottica, a company that got formed in 2018 from the merger of French ophthalmic optics company Essilor and Italian eyewear group Luxottica. The Schiphol-based eyecare retailer GrandVision and owner of chain stores such as Vision Express in the UK and For Eyes in the US, would give EssilorLuxottica power over more than 7,000 stores worldwide where it already sells its products such as Varilux lenses and Ray-Ban sunglasses. However, there is a high possibility that the merger will get investigated by competition regulators. The EU recently authorized the 48bn euro merger of Essilor and Luxottica after a thorough investigation.

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