Deals
Essilor to Buy Ray-Ban Maker Luxottica for About $24 Billion
- Deal solves question of successor to 81-year-old Luxottica CEO
- CEO Del Vecchio, Essilor’s Sagnieres to lead company as equals
Luxottica, Essilor Said to Agree to $53 Billion Merger
French lensmaker Essilor International SA agreed to buy Luxottica Group SpA, the maker of Ray-Ban sunglasses, for about 22.8 billion euros ($24 billion) in stock, combining the largest manufacturer and retailer in eyewear.
Leonardo Del Vecchio, who created Luxottica in 1961 and controls 62 percent of its stock, will be executive chairman and chief executive officer of the combined business, which will be named EssilorLuxottica, the companies said Monday in a statement. Essilor CEO Hubert Sagnieres, 61, will be executive vice chairman and deputy CEO with powers equal to Del Vecchio’s. Essilor shares gained as much as 19 percent while Luxottica rose as much as 15 percent.