They expect to close the transaction in Q3.
Essilor and Luxottica have received regulatory approval in China for their proposed merger.
The clearance “was the last condition precedent to the closing of the transaction and paves the way for the combination to be finalized,” according to a press release from Essilor.
The companies expect to close the transaction at the end of the third quarter.
The approval from SAMR, the antitrust regulator of the People’s Republic of China, came after the companies “made certain commitments with regard to the conduct of their business in China,” according to the release.
“Essilor and Luxottica committed to inform SAMR about their future acquisitions and also to ensure availability of their products and services to all customers in China on a fair basis,” the release states. “These commitments are fully aligned with the future EssilorLuxottica’s mission to ‘help people see more, be more and live life to its fullest’ and the open business model both companies promote across the globe.”
The companies said they’re currently in discussions with the Turkish antitrust authority.
Milan, Italy-based Luxottica’s proposed deal with Essilor, a France-based maker of lenses as well as instruments and equipment, is valued at 48 billion euros (U.S. $56.5 billion). The combined company would be called EssilorLuxottica.