French company Essilor takes over Italian manufacturer Luxottica for $ 24 billion

French company Essilor takes over Italian manufacturer Luxottica for $ 24 billion

17.01.2017 News

International Company – manufacturer of optical equipment and lenses Essilor International S.A. will buy the Italian company – the manufacturer of glasses Luxottica Group S.p.A., which owns the brand Ray Ban. The acquisition price is $ 24 billion. About the transaction has informed agency Bloomberg L. P. in the early part of the week on January 16th.

Under the terms of this transaction, the new company will be called EssilorLuxottica. The company Delfin, a family-owned company of chairman Leonardo Del Vecchio, Luxottica, will give its share (approximately 62%) in Luxottica, to Essilor company in exchange for shares in the new issue Essilor. Leonardo Del Vecchio (who is chairman of the board of directors Delfin) takes over as CEO and Chairman of the Board of Directors in new company. Chief Executive Officer Essilor – Hubert Saner will replace the general director and the board of directors head.

Currently, both funds of companies have amount more than € 50 billion in total. The combined company will work in more than 150 countries, and the number of employees will be more than 140 thousand people. As the company’s forecast, synergies from this merger will be between € 400 and € 600 million annually.

Also read: Alibaba Group offers for the purchase of Chinese Intime Retail $ 2,6 billion

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