PARIS: Ray-Ban sunglasses maker EssilorLuxottica said Tuesday it would go forward with its purchase of Dutch optical retailer GrandVision. The closing of the deal on July 1 will bring to an end a nearly two-year saga including demands from regulators and arbitration between the companies.
"After assessing all our options, we have made the decision to proceed with the completion of the deal without further delay," chief executive Francesco Milleri said in a statement. "The strategic rationale of the transaction remains strong and unchanged," he added. But the purchase price of 28.42 euros per share is considerably above Tuesday's 24.70 euros closing price for GrandVision shares.
French lens-manufacturer Essilor and Italy's Luxottica, which owns Ray-Ban and Oakley sunglasses, merged in 2018 to create a new global giant in the sector.
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