Wednesday, March 17, 2010

FGX International Completed merger with French manufacturer

FGX International Holdings Limited, a British Virgin Islands-registered holding of FGX International, announced that it has completed its merger with a subsidiary of French company Essilor International.

By terms of the agreement, shareholders of FGX International received $19.75 per share in cash, for an aggregate amount of approximately $575 million. This sum includes the repayment of FGX International debt of approximately $115 million. Upon completion of the merger, the BVI company became a wholly-owned subsidiary of Essilor; also, FGX International will change its place of incorporation from the British Virgin Islands to the State of Delaware.

FGX International's CEO Alec Taylor said that the company is excited to be part of Essilor, which is the world leader in ophthalmic optical products, researching, developing, manufacturing and marketing a wide range of lenses for optical correction.

FGX International is the leading designer and marketer of non-prescription reading glasses and popular sunglasses in North America. Its products are sold in over 63,000 retail locations in the U.S., Canada, Mexico and the United Kingdom.