BUSINESS: Retailers EssilorLuxottica and GrandVision Enter into an Agreement With Vision Group for the Sale of Stores in Italy By Staff Monday, December 20, 2021 12:18 AM CHARENTON-le-PONT, France, SCHIPHOL, The Netherlands and MILAN, Italy—EssilorLuxottica (Reuters: ESLX.PA), GrandVision (Euronext: GVNV) and Vision Group, one of the largest distribution networks for Italian opticians and a retail player under the VisionOttica banner, said Friday that the companies have entered into an agreement for Vision Group to acquire the VistaSì chain in Italy, including the brand and all the 99 stores, and 75 GrandVision stores in the country. This follows the commitments agreed upon with the European Commission on March 23, 2021, as part of the acquisition of GrandVision by EssilorLuxottica.The agreement between EssilorLuxottica, GrandVision and Vision Group also provides for transitional agreements to support the business continuity of the divested perimeters following the implementation of the transaction, the announcement noted. The planned divesture of the Italian stores was part of an agreement that EssilorLuxottica and GrandVision reached with the European Commission earlier this year as part of the effort to gain regulatory approval of the deal in which EssilorLuxottica acquired GrandVision, as VMAIL reported. Completion of the transaction between EssilorLuxottica, GrandVision and Vision Group is subject to the approval of the European Commission, as part of the commitments’ procedure. The transaction is expected to close in the first quarter of 2022. Advisors to EssilorLuxottica and GrandVision were Mediobanca, Banca di Credito Finanziario SpA. Lazard acted as financial advisors, Sullivan & Cromwell LLP served as M&A legal counsel, BonelliErede as antitrust advisors and Deloitte as carve-out advisors. De Brauw Blackstone Westbroek NV continued to support GrandVision as legal advisor, the announcement noted. Advisors to Vision Group were CapM Advisors, which acted as financial advisor, and ADVANT Nctm, which served as legal counsel. Deloitte and Fineurop Soditic SpA provided due diligence and transaction support.