The European Commission has initiated a Phase II review of the proposed acquisition of GrandVision by EssilorLuxottica. GrandVision, a global leader in optical retail, operates more than 7,000 stores in over 40 countries and employs more than 37,000 employees.
According to a statement issued by EssilorLuxottica, the “parties are confident that Phase II will be completed in a timely manner” and they “will closely cooperate with the European Commission to fully demonstrate the rationale of the proposed acquisition and the benefits that it will bring to customers, consumers and all the eyewear industry players”.
The companies aim to close the transaction within 12 to 24 months from the announcement date, 31 July, 2019. The transaction has been unconditionally cleared so far in the United States, Russia and Colombia, and it is currently under review also in Brazil, Chile, Mexico and Turkey.
GrandVision, a global leader in optical retail, operates more than 7,000 stores in over 40 countries and employs more than 37,000 employees