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Essilor Luxottica to acquire Italian lens manufacturer Fedon & Figli

Essilor Luxottica to acquire Italian lens manufacturer Fedon & Figli

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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.

 

See Also

 

Read also > WITH SIGHTGLASS VISION, ESSILORLUXOTTICA ACCELERATES ITS FIGHT AGAINST MYOPIA

 

Featured photo : © Fedon & Figli

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