SCHIPHOL, The Netherlands and CHARENTON-LE-PONT, France—The proposed acquisition of major international retailer GrandVision by EssilorLuxottica moved closer to completion on Thursday. The companies—GrandVision (Euronext: GVNV) and EssilorLuxottica (Reuters: ESLX.PA)—said in separate statements that the Turkish competition regulator (Rekabet Kurumu) had cleared the transaction and, with this conditional approval, all regulatory approvals for closing of the transaction have been obtained. The clearance was given after EssilorLuxottica made certain behavioral commitments with regards to the conduct of its business in Turkey, EssilorLuxottica noted in its statement.

The deal, first announced in July 2019, calls for EssilorLuxottica to acquire from HAL Holding the latter’s 76.7 percent interest in GrandVision in a deal that analysts valued at €7.1 billion at the time.
However, the outcome of the transaction is still subject to a decision in ongoing arbitration proceedings. These arbitration proceedings, as VMAIL reported, are ongoing, and are “confidential and behind closed doors.”
The arbitration proceedings initiated by GrandVision against EssilorLuxottica, in which GrandVision has requested the arbitral tribunal to confirm, amongst other things, that GrandVision is not in material breach of the “support agreement” that was reached and concluded in connection with the deal, as well as the arbitration proceedings initiated by GrandVision majority owner HAL Holding against EssilorLuxottica in connection with the deal, are ongoing and are confidential, GrandVision noted in its statement.
A decision in the arbitration proceedings is expected in the second half of June, according to GrandVision. GrandVision is the parent company of about 115 For Eyes optical outlets in the U.S.