Luxottica Undertakes to Acquire 90.9% of Fedon to Enter Packaging, Eyeglass Cases Industry

Luxottica Group announced that it has entered into a preliminary sale and purchase agreement for the acquisition of a total of 1,727,141 shares of the company Giorgio Fedon & Figli S.p.A., listed on Euronext Growth Milan, the market organized and managed by Borsa Italiana S.p.A., representing 90.9% of the share capital of the Company. The transaction represents a step forward in EssilorLuxottica’s vertical integration strategy.

Thanks to cutting-edge technologies and dedicated innovations, the acquisition will allow to better fit the eyewear and spectacles with the cases and packaging to ensure maximum protection and integrity of the product.

Furthermore, EssilorLuxottica will also leverage on the Company to pursue its sustainability strategy, investing in the recyclability and circularity of the packaging materials produced by the Company.

It is expected that the Conditions Precedent may be fulfilled, and the Closing may take place by the end of June 2022.

In the event of completion of the transaction, Luxottica will hold a shareholding equal to 90.9% of the Issuer’s share capital and will be required to launch a mandatory tender offer on all outstanding shares of the Company (“MTO”), at the same price of Euro 17.03 per share.

The MTO is aimed at delisting the Company.

Click HERE for the full press release.

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