For what amount did Luxottica acquire Oakley?

For what amount did Luxottica acquire Oakley? Luxottica acquired Oakley for US$2.1 billion.

The deal was announced on June 21, 2007, as a cash purchase that valued Oakley at about $2.1 billion. Luxottica offered roughly a 16% premium over Oakley’s prevailing share price, making the transaction a major event in the eyewear industry.

The acquisition followed a tense relationship between the companies. In the 1990s, Oakley disputed Luxottica’s pricing power and distribution practices. Luxottica subsequently stopped carrying Oakley products in some of its retail stores, including Sunglass Hut, contributing to a sharp fall in Oakley’s market value. The purchase was completed on November 15, 2007.

A common mix-up is confusing this transaction with Luxottica’s later merger with Essilor. That 2018 combination created EssilorLuxottica and was valued in the tens of billions of euros; it was separate from Luxottica’s $2.1 billion acquisition of Oakley.