Putting aside the internal quarrels between the two souls of the Italian-French group, EssilorLuxottica looks ahead and acquires 76,72% of the Hal investment fund in GrandVision to then launch a mandatory takeover bid on all of the remaining shares.
The purchase price is € 28 per share, but could rise by 1,5% (therefore 28,42 euros) if the operation is not closed in the next 12 months. The price represents a 33% premium over GrandVision's values as of the July 16 close. At the time of GrandVision's public offering, when the chain went on the Amsterdam market in 2015, the valuation was 5 billion, today it has risen to 7,1 billion.
Thanks to this deal, EssilorLuxottica will secure more than 7.200 stores worldwide, mainly in Europe, more than 37.000 employees and 3,7 billion in turnover.
“Following the creation of EssilorLuxottica, which I have strongly pursued, the acquisition of GrandVision represents the realization of a vision that has guided my actions and the growth of Luxottica all these years,” he says Leonardo DelVecchio, executive chairman of the Italian-French group. “Thus we will be able to complete our retail network, finally extended to all geographical areas, and to make our multi-channel and digital platforms fully effective”, concludes the founder of Luxottica.
When the transaction and the takeover bid are completed, EssilorLuxottica will proceed with the delisting of GrandVision from Euronext Amsterdam. The Italian-French group also specifies that the Supervisory Board of GrandVision will be composed of four members identified by EssilorLuxottica and by two members of the current Supervisory Board of GrandVision, Kees van der Graaf and Rianne Meijerman, qualified as independent according to the Dutch Corporate Governance Code.
The announcement of the operation came during the press conference on accounts for the first semester, closed with an adjusted net profit of 1,099 billion (+6,8%) and revenues up 7,3% to 8,776 billion. (+3,9% at constant exchange rates). The company confirmed its estimates for 2019, which forecast an adjusted net profit equal to 1-1,5 compared to the growth in sales and a growing turnover (+3,5-5%).
Following the announcement of the accounts and the acquisition of GrandVision the title EssilorLuxottica earns 3,33% aa 122,45 euros in Paris, while in Amsterdam the shares of the Dutch chain they rise by 5,28% to 26,7 euros, approaching the purchase price.
