Essilor and Luxottica announced that they’re “confident” a European regulatory review of their proposed merger will be “completed in a timely manner.”
They stated in a press release that they’ll “closely cooperate with the European Commission to fully demonstrate the rationale of the proposed combination and the benefits that it will bring to customers, consumers and all the eyewear industry players.”
They said they still expect the deal to close around the end of the year.
The companies noted that the transaction “has been unconditionally cleared so far in Russia, India, Colombia, Japan, Morocco, New Zealand, South Africa and South Korea.” They said the Phase II review of the deal in Europe was expected “given the size of the parties.”
The companies will also need regulatory clearance in the U.S.
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.