Romania: Schoenherr advises EssilorLuxottica on acquisition of Optical Investment Group

Schoenherr's corporate/m&a team provided buy-side legal advice in connection with the transaction, which included the acquisition of the target group's entire share capital. The transaction is expected to close in Q4 2024, pending regulatory approvals and other customary closing conditions.

"With this acquisition of the largest optical retail network in Romania, EssilorLuxottica establishes a strong footprint in the local market," said partner Mădălina Neagu, who led the Schoenherr team advising EssilorLuxottica. "We are pleased to have helped get the deal done and to add this major acquisition to our solid track record of landmark transactions in the Romanian market."

EssilorLuxottica is a global leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses. With over 200,000 employees across 150 countries, 650 operations facilities and 18,000 stores, the company generated consolidated revenue of EUR 25.4bln in 2023.

Optical Investment Group was set up in 2019 in cooperation with Innova Capital by combining two established Romanian optical retail chains – OPTIblu and Optiplaza. It operates through the country's largest optical retail network comprising 99 directly operated stores, under three well-known banners: OPTIblu, Optiplaza and O51.

The Schoenherr team advising EssilorLuxottica was led by Mădălina Neagu (partner) and included Andrei Mureșan (managing attorney at law), Mihaela Popescu (managing attorney at law), Laura Buzatu-Teodorescu (senior attorney at law) and Alexandra Șmahon (attorney at law).