Dutch private equity group HAL is selling its majority stake in opticians group GrandVision to French-Italian company EssilorLuxottica.
EssilorLuxottica is paying €28 a share for HAL’s 76.7% stake in the group, which includes the Eyewish and Pearle high street chains. The company will also make a public offer for the remaining shares, which are currently traded on the Amsterdam stock exchange, once the HAL sale has been concluded.
The takeover marks the next step in the consolidation of the European market for opticians. EssilorLuxottica already owns the Ray-ban and Oakley eyewear groups and produces glasses for Burberry, Prada and Versace under licence.
GrandVision operates more than 7,200 stores and online services in over 40 different countries primarily in Europe and Latin America. EssilorLuxottica currently operates over 10,000 stores and several online platforms with a strong presence in the Americas.
HAL floated GrandVision in 2015, where it is included in the midkap index. The company booked turnover of €2bn in the first six months of this year, a rise of 6.5% on the same period in 2018.
Thank you for donating to DutchNews.nl
The DutchNews.nl team would like to thank all the generous readers who have made a donation in recent weeks. Your financial support has helped us to expand our coverage of the coronavirus crisis into the evenings and weekends and make sure you are kept up to date with the latest developments.
DutchNews.nl has been free for 14 years, but without the financial backing of our readers, we would not be able to provide you with fair and accurate news and features about all things Dutch. Your contributions make this possible.