Update on Proposed Acquisition of GrandVision
Wednesday, March 24 2021 | 10 h 44 min | Acquisitions, News, Press Release
EssilorLuxottica confirms that the European Commission has cleared the acquisition of GrandVision after a long in-depth review largely impacted by consequences of the COVID-19 pandemic.
The clearance is conditioned to the divestment of some optical retail businesses in Belgium, the Netherlands and Italy for an overall number of approximately 350 stores.
- In Belgium, the GrandOptical chain and its 35 stores will be sold but without the brand name. The purchaser will have a license while rebranding these stores to its own choice of name.
- In Italy, the merged entity will divest a total of 174 stores, which includes the whole of EssilorLuxottica’s VistaSì chain together with 72 stores from the “GrandVision by” chain. The VistaSì brand will be transferred and the “GrandVision by” stores will either be rebranded to VistaSì or to the purchaser’s own brand.
- In the Netherlands, 142 stores from the EyeWish chain will be sold, together with the brand name. The merged entity will keep some stores from this chain and will have to rebrand them under a new name.
The outcome of the proposed transaction is still depending on the sign off from the competition authorities in Chile and Turkey, as well as the decisions regarding on-going litigations.
Click HERE for the full press release.