EssilorLuxottica, GrandVision and Vision Group, one of the main distribution networks for opticians in Italy and retail player with the VisionOttica brand, announce the signing of an agreement for the acquisition by Vision Group of the VistaSì chain, which includes the brand and all 99 stores, and 75 GrandVision stores in Italy. The sale follows the remedies agreed with the European Commission on March 23, 2021, as part of EssilorLuxottica’s acquisition of GrandVision. The agreement between EssilorLuxottica, GrandVision and Vision Group also provides for transitional agreements to support the business continuity of the entities sold in the period following the sale.
President Belli: “With agreement we complete the strategic development path”
“This operation leads us to complete the strategic development path shared with Arcadia at the time of its investment. Over the years, Vision Group has grown differentiating itself from other national chains by focusing on professionalism and exclusive services, so that its optical centers are recognized as places where quality and customized optical solutions are offered, as well as accessory-oriented stores. fashionable”. So Guido Belli, president of Vision Group and president of Arcadia Sgr, in commenting on the agreement announced today with EssilorLuxottica and GrandVision.
The implementation of the transaction between EssilorLuxottica, GrandVision and Vision Group is subject to the approval of the European Commission, within the agreed remedies. The transaction is expected to close in the first quarter of 2022. Mediobanca and Lazard acted as financial advisors to Essilorluxottica and GrandVision, Sullivan & Cromwell LLP as legal advisor to M&A, BonelliErede as antitrust advisor and Deloitte as carve-out advisor. Additionally, De Brauw Blackstone Westbroek NV continued to support GrandVision as a legal advisor. Vision Group was instead assisted by CapM Advisors, who acted as financial advisor and ADVANT Nctm, as legal advisor. Deloitte and Fineurop Soditic carried out the due diligence and provided support for the operation.