Essilor Luxottica to acquire Italian lens manufacturer Fedon & Figli
The group specialising in eyewear and optical instruments is to acquire the Italian manufacturer of spectacle cases Fedon & Figli.
On Monday evening, Essilor Luxottica announced that its subsidiary Luxottica had reached a preliminary agreement to acquire 1.73 million shares, or 90.9% of the share capital of the Fedon & Figli group, for a total consideration of EUR 29.4 million.
The price of EUR 17.03 per share represents a premium of 135% over the closing price on 8 April, the last trading day before the agreement became effective, and 114% over the weighted average price of the previous 12 months.
The agreement has been signed with Fedon’s main shareholders and the transaction is expected to close by the end of June. If the transaction is successful, Essilor Luxottica will launch a mandatory tender offer for the remaining shares at the same price of €17.03 per share to delist Giorgio Fedon & Figli.
“The transaction represents a step forward in EssilorLuxottica’s vertical integration strategy, which aims to achieve the highest quality standards across the value chain and optimise the service provided, for the benefit of all industry players,” the group said in a statement. “Thanks to cutting-edge technologies and dedicated innovations, this acquisition will enable better adaptation of cases and packaging to eyewear, in order to ensure the best possible protection of products, for the benefit of the consumer” and intends “to pursue its strategy in terms of sustainable development, by investing in the recycling and circularity of materials used for product packaging“, the group explained.
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Featured photo : © Fedon & Figli
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Passionnée depuis son plus jeune âge par l’art et la mode, Hélène s’oriente vers une école de stylisme, l’Atelier Chardon-Savard à Paris, avec une option Communication. Afin d’ajouter des cordes à son arc, elle décide de compléter sa formation par un MBA en Management du Luxe et Marketing Expérientiel à l’Institut Supérieur de Gestion à Paris dont elle sort diplômée en 2020. Elle a notamment écrit des articles lifestyle et beauté pour le magazine Do it in Paris et se spécialise en rédaction d’articles concernant le luxe, l’art et la mode au sein du magazine Luxus Plus.********** [EN] Passionate about art and fashion from a young age, Hélène went to a fashion design school, Atelier Chardon-Savard in Paris, with a Communication option. In order to add more strings to her bow, she decided to complete her education with an MBA in Luxury Management and Experiential Marketing at the Institut Supérieur de Gestion in Paris from which she graduated in 2020. She has written lifestyle and beauty articles for Do it in Paris magazine and specializes in writing articles about luxury, art and fashion for Luxus Plus magazine.