In a fascinating move worth watching, Italy’s Luxottica and France’s Essilor have agreed to a merger deal worth 46 billion euro ($49 billion). This deal should create a powerhouse in the eyewear world and should bring in revenues of more than 15 billion euros.
With this merger, Leonardo Del Vecchio, who started Luxottica, will have a stake of between 31-38% in the merged group. This will make him the biggest stakeholder in the company. Del Vecchio will be the CEO and the executive chairman of the company when it’s merged. The new company will be called EssilorLuxottica and be listed in Paris.