Luxottica Buys Brazilian Eyewear Maker

Luxottica Buys Brazilian Eyewear Maker

Brazil Ecuador M&A

Italian luxury eyewear company Luxottica is moving to buy Brazilian eyewear company Grupo Tecnol, in a deal that gives it a foothold in a growing market. The company, which sells top brands such as Persol, Oliver Peoples and Ray Ban eyewear, will initially buy an 80% stake in Tecnol, with the remaining 20% to be acquired over a period of 4 years at pre-determined prices. The company estimates Tecnol’s enterprise value at EUR110m ($148.1m), but Luxottica officials declined to give additional info

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