Luxuttica Group S.p.A., a global eyewear leader, and Oakley Inc, a worldwide specialist in sport performance optics, have announced the completion of their merger. After this deal worth US$2.1 billion, Oakley becomes wholly owned subsidiary of Luxottica Group and its shares will cease to trade in the New York Stock Exchange.
Luxottica Group expects that the transaction will result in approximately 100 million euros per year in operating synergies within three years, driven by revenue growth and efficiencies.
Commenting on the merger, Andrea Guerra, CEO of Luxottica Group S.p.A., said, “We have long admired the Oakley brand, products, and corporate culture. Joint teams from the two companies have been focusing for months on the tremendous business opportunities we have ahead, which will become operating plans by year-end.”
“The fact that Luxottica and Oakley share the same values around the importance of brand and product, and have individuals around the world who have worked closely for years, gives us a very strong foundation for success. While we have tremendous work in front of us, our early integration planning efforts give us confidence that the value of this combination can, in fact, be realized,” said Scott Olivet, CEO, Oakley Inc.