Schiphol, the Netherlands - 1 September 2017. GrandVision NV has entered into an agreement to increase its shareholding in Visilab S.A., from 30% to 60%. GrandVision has been a shareholder in the company since 2007.
Visilab, a leading optical retailer in Switzerland, was founded in 1988 and operates 98 stores across the country. Visilab reported 2016 net revenues of 173 million CHF and has more than 900 employees.
The transaction, which is subject to customary closing conditions, is expected to be completed in the fourth quarter of 2017. Visilab will be consolidated in GrandVision's financial statements and reported in the "Other Europe" segment.
As part of this agreement, the parties have agreed that GrandVision's shareholding will increase, in twosteps, to 79% in 2019.