The combined company is called EssilorLuxottica.
Essilor International and Luxottica Group have completed their merger.
All conditions for the closing of the transaction have been satisfied, including clearance from antitrust authorities, according to a press release.
Leonardo Del Vecchio, executive chairman of EssilorLuxottica, said: “We are at the beginning of a new chapter in our history in which we so strongly believe, bringing together frames and lenses under the same roof and completing our vertically integrated business model. We will enhance the excellences of Luxottica and Essilor to improve the service level and offer consumers around the world ever better products that leverage on our most beloved brands with cutting-edge lens technologies. We will expand our offer and foster the development of our customers' business and the entire industry.”
Following the contribution by Delfin, the majority shareholder of Luxottica, of its 62.42 percent stake in Luxottica to Essilor on Oct. 1, Essilor became the parent company of Luxottica and was renamed EssilorLuxottica.
The companies explained:
As consideration for the contribution by Delfin of its stake in Luxottica to Essilor, Essilor issued 139,703,301 new ordinary shares through a capital increase without preferential subscription rights pursuant to a resolution approved by Essilor shareholders in May 2017.
Following the closing, EssilorLuxottica has a share capital made of 358,840,853 shares. Its main shareholders are Delfin (38.93% of capital with voting rights capped at 31%) and EssilorLuxottica employees (4.9%). The remaining 56.8% of the shares are being publicly held.
From Oct. 2, EssilorLuxottica shares will be traded on Euronext Paris under the ticker symbol EL with the same ISIN code FR0000121667. They will be part of the CAC 40 and Euro Stoxx 50 indices.