Italian eyewear giant Luxottica is to buy Oakley for a total price of $2.1bn in a deal that has been recommended to Oakley shareholders by its board of directors.
As well as giving Luxottica capability in sports, technology, and optics, Luxottica said that it would save some E100m per year in operating synergies within three years.
Luxottica is acquiring all the outstanding shares of Oakley for $29.20 per share, representing a premium of 24 per cent over the most recent three-month average trading price.
Luxottica’s group chairman Leonardo Del Vecchio said of the milestone that ‘significant changes in market dynamics require industry leaders to perfect a mix of best-in-class products and marketing with technical and operational capabilities’.
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