You read it here first: Oakley has bought Oliver Peoples

Luxury US spectacle maker Oliver Peoples has been bought by Oakley, confirming the news exclusive by OpticianOnline on December 2.

Sources close to Oliver Peoples told OpticianOnline then that the company had been purchased for $20m last October. But, when asked, Oakley and Oliver Peoples would neither confirm nor deny the acquisition, both saying they would not comment on 'market rumour'.

But yesterday the Californian companies came clean, announcing that Oakley had indeed purchased Oliver Peoples and its subsidiaries, including the three eyewear brands: Oliver Peoples, Mosley Tribes and the Paul Smith licence.

The acquisition's aggregate purchase price of up to $55.7 million, subject to post closing adjustments, includes Oakley's assumption of approximately $5.0 million of debt and up to $4.0 million in 'earn-out incentives'.