French-Italian company EssilorLuxottica has reached an agreement to buy HAL Optical Investments’ 76.72% stake in Dutch eyewear retailer GrandVision.

EssilorLuxottica will pay a cash price equal to €28 per share for the interest. According to media sources, the purchase price reportedly stands at around €7bn ($8bn).

This amount can increase by 1.5% if the takeover does not take place in 12 months since the date of the announcement.

“With GrandVision we will be able to develop our retail network, finally extended throughout the geographies, and fully enable our multichannel and digital platforms.”

With the GrandVision deal, EssilorLuxottica’s optical retail platform will gain access to a global network of 7,200 stores, especially in Europe. It is also expected to add annual revenue of €3.7bn ($4.12bn).

EssilorLuxottica executive chair Leonardo Del Vecchio said: “With GrandVision we will be able to develop our retail network, finally extended throughout the geographies, and fully enable our multichannel and digital platforms. We will raise the quality of in-store experience for products, brands and services for the benefit of all consumers and our wholesale customers.”

Following the completion of the HAL deal, EssilorLuxxotica will issue a Mandatory Public Offer for all of the remaining shares of GrandVision.

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GrandVision offers a range of optical services, prescription glasses including frames and lenses, contact lenses and sunglasses.

It serves more than 150 million customers each year.

GrandVision CEO Stephan Borchert said: “The future integration of GrandVision with EssilorLuxottica brings new opportunities to GrandVision’s business, its well-established retail banners, stores, employees and all our stakeholders. Furthermore, it will create a truly global eyecare and eyewear company that is ideally positioned to capture changing consumer needs and behaviours, and provide its customers with a high quality optical omnichannel customer experience.”

The deal is dependent on meeting the closing conditions, gaining regulatory approvals and other consultation procedures. It is expected to close in 12-24 months.