Luxottica Joins with Essilor in $49 Billion Merger

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Italian-based eyewear company Luxottica announced plans to merge with France’s lens company Essilor in a $49 billion deal, making it the largest eyewear maker in the world.

The New York Times reported that the company will be known as EssilorLuxottica. Luxottica currently owns the Ray-Ban and Oakley Brands, and will have both an online and store presence with LensCrafters, Pearle Vision, Sunglass Hut, Foster Grant and Oliver Peoples. Luxottica makes frames for luxury brands like Armani, Chanel and Prada.

The new company would have more than 140,000 employees and sales in more than 150 countries.  Based on 2015 results it is forecast to have $16 billion in 2016 sales.

The transaction is expected to close in the second half of 2017, pending regulatory and shareholder approval.

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