EssilorLuxottica: Green light for GrandVision deal
The European Commission has approved the takeover of GrandVision by EssilorLuxottica after a long and detailed investigation, on condition that some optical retail shops in Belgium, the Netherlands and Italy, amounting to about 350 shops, are divested.
The fact that the takeover of GrandVision would reduce the number of shops had been a condition for the approval for some time.
This means for EssilorLuxottica in detail:
In Belgium, the GrandOptical chain with its 35 branches will be sold, but without the brand name. The buyer will have a licence while renaming these shops to a name of his choice.
In Italy, the merged company will sell a total of 174 shops, including the entire VistaSì chain of EssilorLuxottica and 72 shops of the “GrandVision by” chain. The VistaSì brand will be transferred and the “GrandVision by” shops will be renamed either VistaSì or the buyer’s own brand.
In the Netherlands, 142 shops of the EyeWish chain will be sold together with the brand name. The merged company will retain some shops of this chain and will have to rebrand them under a new name.
The outcome of the proposed transaction is still subject to the approval of competition authorities in Chile and Turkey, as well as decisions on ongoing litigation, EssilorLuxottica’s statement said.