Luxottica Group, part of EssilorLuxottica, has entered into a preliminary purchase agreement to acquire approximately 1.72 million shares of Giorgio Fedon & Figli S.p.A., representing 90.9% of the company’s share capital. Subject to antitrust approvals, the deal is expected to be completed by the end of June, for a total purchase price of 29.4 million Euros.
“The transaction represents a further step in EssilorLuxottica’s vertical integration strategy, which aims to achieve the highest quality standards along the entire value chain and optimise service for the benefit of all industry players,” the group said.
EssilorLuxottica invests in sustainability
Thanks to cutting-edge technologies and targeted innovations, the acquisition will enable better fitting of eyewear to cases and packaging, it said. In addition, EssilorLuxottica will support Fedon in pursuing its sustainability strategy by investing in the recyclability and circularity of the packaging materials produced by the company.
Under the terms of the agreement, the completion of the sale is subject to the satisfaction of certain conditions precedent customary to transactions of this nature, including the obtaining of applicable antitrust approvals, the renewal of the supervisory board and governing bodies of the group companies, and more.
The agreed purchase price to be paid to the Sellers on the Completion Date would be 17.03 Euros per share in relation to their respective shareholdings, for a total of 29.4 million Euros (for a total of 1,727,141 shares). It is expected that the conditions precedent can be fulfilled and that the closing can take place by the end of June 2022.
Giorgio Fedon & Figli is a company in the manufacture and distribution of spectacle cases and accessories for spectacles. It also offers a full range of leather goods and personal accessories, from business bags to trolleys and travel sets. The company is at the head of an international group with production facilities in Italy, Romania and China as well as branches in the USA, France, Germany and Hong Kong and employs around 800 people.