Essilor: Essilor takes full control of Transitions Optical (photochromic lenses)
BUY, Fair Value EUR96 (+19%)
Essilor announced this morning two acquisitions: i) the 51% stake owned by its JV partner PPG (Transitions Optical) and ii) Intercast, an Italian company supplying sun lenses. These two transactions amount to USD1,855m (c.EUR1,400m), o/w USD1,730m (c.EUR1,300m) for Transitions Optical (TO) alone. Thanks to this acquisition, Essilor has now the sole leadership in the photochromic market, which is highly profitable and is enjoying higher growth rates than other segments of the global optical market. The transaction is expected to be closed during H1 14. A conference call is organised today at 10am (CET).
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