EssilorLuxottica, a global leader in the optical industry, wants to take over the Dutch company Grand Vision. It includes, among others, Vision Express stores present in Poland.
Another big transaction of EssilorLuxottica
EssilorLuxottica doesn’t slow down. Just two years ago, Essilor took over Italian Luxottica for $49 billion after four years of negotiations. The negotiations lasted four years and the transaction itself was examined by the French and Italian regulatory authorities for a long time. In the first half of 2019, the group’s revenue increased by 7% year on year (at current exchange rates) to €8.8 billion.
Today, EssilorLuxottica includes eye care brands such as Ray-Ban, Oakley, Crizal, Essilor and Essilor Sun Solution, Eyezen, Kodak Lens, Optifog, Transitions, Varilux and Xperio.
Now EssilorLuxottica has announced its intention to purchase the Dutch Grand Vision group. It wants to take over 76.72% of the company’s shares at €28 per share, which will bring the total amount of the transaction to €7.2 billion. The rest of the shares will be bought back during a public tender offer.
Vision Express will also change the owner
If the transaction is successful, the owner will also change the network of Vision Express opticians’ shops. Vision Express stores have been operating in Poland for over 20 years. Currently, the network has over 200 outlets. In total, Grand Vision has over 7 thousand stores in over 40 countries. It employs 37 thousand employees and has an annual revenue of €3.7 billion.