US headquartered law firm Cleary Gottlieb Steen & Hamilton has advised Essilor, a French lens maker, on its £40 billion acquisition by Ray-Ban’s owner Luxottica. Essilor is listed on the Euronext Paris Stock Exchange and instructed lawyers within the firm’s Paris office. The Italian-headquartered Luxottica is owned partially by Delfin, which is being advised by Italian heavy-weight Bonelli Erede Pappalardo as well as French firm Bredin Prat.
Cleary has deployed an international team of lawyers within its Italian, US, and French offices on a multitude of issues including antitrust, tax, and employment law. Cleary acts as relatively new legal counsel for Essilor after previous using CMS Cameron McKenna in 2015 for its expansion into the UK, Spain, Portugal, and Italy. The merger will create a company with post net revenues of over €15 billion and is due to be completed in the second half of 2017.