Eyewear Giant Essilorluxottica Offers To Sell Assets for Grandvision Deal Approval

Ray-Ban maker EssilorLuxottica has offered to sell assets in three EU countries in a bid to gain EU antitrust approval for its €7.2 billion ($8.7 billion) purchase of GrandVision, a person familiar with the matter said on Tuesday.

EssilorLuxottica submitted its offer to the European Commission on Monday, a filing on the EU executive’s site showed. The EU competition enforcer will decide by April 12 whether to clear or block the deal.

EssilorLuxottica is fighting GrandVision in a Dutch court over their deal agreement.

EssilorLuxottica was formed in 2018 through a merger of French lens manufacturer Essilor and Italian spectacles maker Luxottica and also makes eyewear for luxury brands such as Chanel, Prada and Versace.

In a court filing last year it said EU antitrust regulators had demanded that it divest stores in Belgium, France, Italy and the Netherlands to win approval for the deal.

It said the demand included the sale of Dutch retail chains Pearle and Eye Wish Opticiens.

EssilorLuxottica has since convinced the EU competition enforcer to narrow the scope of required divestments to three countries, the person said, declining to provide further detail.

The Commission will now seek feedback from rivals, suppliers and customers before deciding whether to accept the offer, ask for more or block the deal.

By Foo Yun Chee; Editor: Jason Neely