The merger is worth $56.5B.

Reuters is reporting that the proposed merger of Essilor and Luxottica will soon be approved by European regulators.

The European Commission is set to make its decision by March 8. Reuters cited two unnamed "people familiar with the matter" saying the deal will get an "unconditional" OK.

Neither Luxottica nor the commission would comment, Reuters reports.

In addition to European antitrust approval, the merger still needs the OK in certain other countries, including the U.S. and Brazil. It was recently approved in Canada.

The proposed deal is valued at 48 billion euros (U.S. $56.5 billion). The combined company would be called EssilorLuxottica.

Luxottica, based in Milan, Italy, is the largest eyewear firm in the world, with a brand portfolio that includes names such as Ray-Ban and Oakley. Its retail division includes many well-known names, including LensCrafters, Sunglasses Hut and Pearle Vision.

Essilor, which makes lenses as well as instruments and equipment, is based in France. Its brand portfolio includes names such as Varilux, Crizal, Transitions and Foster Grant.

Read more at Reuters

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