Eyewear giant EssilorLuxottica recently made an exciting announcement regarding its acquisition of Dutch eyewear group, GrandVision. In a strategic move, GrandVision has agreed to sell its units in Chile to HAL Trust, its main shareholder. This decision marks a significant step towards the closing of the acquisition, which is still pending approval from Turkey’s competition authority and ongoing arbitral proceedings. With a valuation of €7.2 billion ($8.6 billion), EssilorLuxottica’s ambition to gain control of GrandVision’s extensive global network of more than 7,000 outlets stood as one of the most notable takeover deals of 2019.

While the acquisition has received approval from the European Union’s antitrust regulators, there is a condition that cannot be overlooked. In order to address competition concerns, EssilorLuxottica must sell over 300 GrandVision-operated stores in three countries. This requirement ensures fair market competition and prevents any potential monopoly.

The sale of GrandVision’s units in Chile to HAL Trust demonstrates the commitment of both companies to responsibly navigate the acquisition process and secure a successful outcome for all stakeholders involved. As the acquisition moves closer to its completion, the approval from Turkey’s competition authority and the resolution of ongoing arbitral proceedings hold significant weight.

It is worth noting that progress has been made, but it is vital to follow the developments closely to fully understand the implications and future impact of this acquisition. The eyewear industry is an important market, and any changes in its landscape can have far-reaching consequences.

Useful links:
1. Antitrust Laws: A Comprehensive Guide
2. Competition Rules in the European Union