Essilor will take a majority stake in Luxottica after reaching an agreement with Italy’s Delfin. The operation will create the largest giant of sunglasses in the world.
Essilor has reached an agreement with the Italian company Delfin, which is committed to provide its majority stake in Luxottica to the French lens company for this merger to create a global giant of more than 15,000 million euros in turnover and 140,000 employees.
Luxottica owns, among other brands, fake Ray Bans, Alain Mikli, Arnette, Brooks Brothers, Burberry, Chanel, Dkny, Dolce & Gabbana, Giorgio Armani and fake Oakleys.
Essilor and Delfin-Luxottica today announced this operation in a statement in which they stressed that with the new set they hope to be “in a stronger position to provide a response to the visual needs” of the 7,200 million people in the world, of which 2.500 million still can not benefit from a visual correction.
The first part of the transaction is that Delfin contributes all of its shares in Luxottica (around 62%) in exchange for new securities issued by Essilor, and that on the basis of 0.461 shares of the French company for each of those of the Italian.
Then, Essilor will launch a swap offer on all Luxottica shares that remain outstanding with the same parity.
Once that concludes, Delfin will have between 31% and 38% of the capital of Essilor, so that it will be its first shareholder. Your voting rights, in any case, will be limited to 31% and double voting rights will be abolished.
The board of directors of the resulting company will have 16 members, of which half proposed by Essilor and the other half by Delfin.
The operation, which has the unanimous support of the members of the board of directors of both companies, should be carried out in the second half of this year.
According to its projections, fake Oakley sunglasses, in addition to exceeding 15,000 million euros in turnover, will have a gross operating net result (net Ebitda) of around 3,500 million euros.
The promoters of the merger also calculate that the operation will generate “progressively” synergies, in terms of turnover and costs, which will mean “between 400 and 600 million euros in the medium term and that will accelerate in the long term”.
The president of Essilor, Hubert Sagnières, affirmed that the motivation of this concentration is “to better respond to the immense needs of the world population in correction and protection of sight”.
For the president of Delfin, Leonardo Del Vecchio, with this agreement is fulfilled his “dream of creating an international actor of first plane of the optics”, completely integrated and that cultivates the excellence in all its components “.
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