EssilorLuxottica and GrandVision enter into an agreement with Vision Group for the sale of stores in Italy
EssilorLuxottica and GrandVision enter into an agreement with Vision Group for the sale of stores in Italy
Charenton-le-Pont, France, Milan, Italy and Schiphol, The Netherlands (17 December 2021 – 8 am CET) - EssilorLuxottica, GrandVision and Vision Group, one of the largest distribution networks for Italian opticians and a retail player under the VisionOttica banner, announced today that the companies have entered into an agreement for Vision Group to acquire the VistaSì chain in Italy, including the brand and all the 99 stores, and 75 GrandVision stores in the country. This follows the commitments agreed upon with the European Commission on 23 March 2021, as part of the acquisition of GrandVision by EssilorLuxottica.
The agreement between EssilorLuxottica, GrandVision and Vision Group also provides for transitional agreements to support the business continuity of the divested perimeters following the implementation of the transaction.
Completion of the transaction between EssilorLuxottica, GrandVision and Vision Group is subject to the approval of the European Commission, as part of the commitments’ procedure. The transaction is expected to close in the first quarter of 2022.
Advisors to EssilorLuxottica and GrandVision: Mediobanca - Banca di Credito Finanziario S.p.A. and Lazard acted as financial advisors, Sullivan & Cromwell LLP served as M&A legal counsel, BonelliErede as antitrust advisors and Deloitte as carve-out advisors. Additionally, De Brauw Blackstone Westbroek N.V. continued to support GrandVision as legal advisor.
Advisors to Vision Group: CapM Advisors acted as financial advisor and ADVANT Nctm served as legal counsel. Deloitte and Fineurop Soditic S.p.A. provided due diligence and transaction support.
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