July 31, 2019 / 5:24 AM / 20 days ago

EssilorLuxottica to buy GrandVision, confirms 2019 outlook

PARIS, July 31 (Reuters) - EssilorLuxottica said it would buy a 76.72% stake in Dutch optical retailer GrandVision, and the company also posted stronger second-quarter results and confirmed its 2019 targets on Wednesday.

The eyewear company, formed last year after the merger of French lenses specialist Essilor and Italian spectacles maker Luxottica, said it would acquire HAL’s interest in GrandVision at a cash purchase price equal to 28 euros per share.

Shares in GrandVision closed at 25.36 euros on Tuesday.

The transaction received support by GrandVision’s management and supervisory boards, EssilorLuxottica said, adding it would launch a public offer for all outstanding GrandVision shares after completing the deal.

$1 = 0.8965 euros Reporting by Matthias Blamont; Editing by Sudip Kar-Gupta

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