EssilorLuxottica, GrandVision ink deal with Vision Group for stores in Italy

(ESLOY.PK), GrandVision, and Vision Group, manufacturers and suppliers of optical materials under VisionOttica banner, said on Friday that they inked a deal, wherein Vision Group will acquire VistaSì chain in Italy.

The acquisition includes the brand and all the 99 stores, and 75 GrandVision stores in the European country. The financial terms of the transaction, which is expected to close in the first quarter of 2022, were not known.

"The agreement between EssilorLuxottica, GrandVision and Vision Group also provides for transitional agreements to support the business continuity of the divested perimeters following the implementation of the transaction," the companies said in a statement.

The acquisition move follows the terms agreed with the European Commission in March, as part of the acquisition of GrandVision by EssilorLuxottica.(DPA)