EssilorLuxottica S.A. (EssilorLuxottica), a global leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses announced an agreement with Hal Optical Investments B.V. (HAL), a wholly-owned subsidiary of HAL Holding N.V, for the sale of HAL’s 76.72% ownership interest in GrandVision N.V. (GrandVision), a global leader in optical retail (Block Trade Agreement). Under the Block Trade Agreement, EssilorLuxottica will buy HAL’s shares for a price of Euro 28 per share, to be increased by 1.5% to Euro 28.42 if closing of the transaction does not occur within 12 months from the announcement date. GrandVision supports the transaction under the terms of a support agreement with EssilorLuxottica. Closing of the transaction between EssilorLuxottica and HAL is subject to various conditions, including obtaining antitrust clearance. The transaction is expected to close in 12 to 24 months.
Latham & Watkins LLP serves as global antitrust counsel representing EssilorLuxottica with a cross-border team led by Paris partners Jacques-Philippe Gunther and Frédéric Pradelles, Washington, D.C. partners Michael Egge and Farrell Malone, and Paris counsel Mathilde Saltiel. The Latham team is supported by co-counsel, Italian law firm BonelliErede.