Luxottica Group S.p.A. announced that it has entered into a preliminary sale and purchase agreement for the acquisition of a total of no. 1,727,141 shares of the company Giorgio Fedon & Figli S.p.A., listed on Euronext Growth Milan, the market organized and managed by Borsa Italiana S.p.A., representing 90.9% of the share capital of the Company.
The transaction represents a step forward in EssilorLuxottica’s vertical integration strategy, aimed at achieving the highest quality standards along the entire value chain and optimizing the service for the benefit of all industry players.
“Thanks to cutting–edge technologies and dedicated innovations, the acquisition will allow to better fit the eyewear and spectacles with the cases and packaging to ensure maximum protection and integrity of the product, for the benefit of the final consumer,” announced the company.
Furthermore, EssilorLuxottica will also leverage on the Company to pursue its sustainability strategy, investing in the recyclability and circularity of the packaging materials produced by the Company. Pursuant to the Agreement, completion of the sale and purchase is subject to the fulfilment of certain conditions precedent, as customary in transactions of this kind, including the obtainment of applicable antitrust clearances, the renewal of the board of directors of the Issuer, as well as the management bodies of the companies of the group and the insertion of the voluntary reference to article.
It is expected that the Conditions Precedent may be fulfilled and the Closing may take place by the end of June 2022. In the event of completion of the transaction, Luxottica will hold a shareholding equal to 90.9% of the
Issuer’s share capital.