1-800 Contacts sold for $340m

A New York-based private equity group has acquired contact lens seller 1-800 Contacts for $340m, it has been announced.

The offer, subject to shareholder approval, was valued at $24.25 a share, a premium of more than 20 per cent over the company's closing price last Friday.

The sale to Fenway Partners, an equity firm with $1.6bn in assets under management, will help to drive forward the company's commercial expansion goals, according to Jonathan Coon, 1-800 Contacts' chief executive officer.

'This transaction will not only provide significant premium value for our stockholders, but will also allow the company to pursue its long-terms goals with the flexibility and long-term focus of a private company,' he said.