EssilorLuxottica and GrandVision: Mission completed
Mission completed: EssilorLuxottica announced on the evening of 1 July the final closing of the acquisition of a 76.72 percent stake in GrandVision from HAL Optical Investments, a wholly owned subsidiary of HAL Holding, in accordance with the agreement signed with HAL almost a year ago.
The EU Commission gave the green light for the billion-dollar transaction on 23 March 2021 after more than a year of scrutiny. However, both sides will have to divest around 350 opticians’ shops in Belgium, Italy and the Netherlands to allay fears in Brussels about the two companies having too much market power over optical retailers in the three countries.
EssilorLuxottica now has “predominant control”
As a result of the closing of the transaction at a cash purchase price of €28.42 per share, EssilorLuxottica has now obtained “predominant control” of GrandVision and is obliged to make a mandatory public offer for all outstanding shares of GrandVision in accordance with applicable Dutch public offer rules. EssilorLuxottica’s objective is to delist GrandVision from Euronext Amsterdam. The company has sufficient funds to fully finance the acquisition.