Luxottica Acquires Majority Stake in Multiopticas

Italian luxury brand Luxottica acquired an additional 57% stake in Chile’s Multiopticas Internacional for EUR95m, bringing its stake in the company to 97%. Luxottica had originally acquired a 40% stake in the eye ware company for EUR40m in 2009, with a call option on the remainder to be exercised between 2012 and 2014. Both parties agreed to accelerate the call option by one year, according to a Luxottica spokesman. The deal will be financed with cash on hand, and Luxottica says it has no plans to access the local capital markets as a result of the deal. The spokesman declines to comment on whether financial advisors were used or on Ebitda levels for Multiopticas.