FGX International Holdings Limited, which makes sunglasses under the Anarchy, Gargoyles, Ironman, C9 by Champion and Body Glove trademarks, completed its merger with a subsidiary of Essilor International of Charenton-le-Pont, France.
FGX International shareholders received $19.75 per share in cash, for an aggregate value of approximately $575 million, including the repayment of FGX International debt of approximately $115 million. Upon completion of the merger, FGX International became a wholly-owned subsidiary of Essilor and its shares ceased to be publicly traded on the NASDAQ Global Select Market. Following the merger, FGX International will change its place of incorporation from the British Virgin Islands to the State of Delaware.
We are excited to be a part of Essilor and look forward to doing great things together, said Alec Taylor, FGX Internationals CEO.
FGX, with revenues for 2009 were $259.3 million, also makes sunglasses under Foster Grant, Magnivision, Solar Shield, Polar Eyes, Corinne McCormack, Angel as well as Levi Strauss Signature under a license. Essilor, with sales of $4.5 billion last year, is one of the largest makers of ophthalmic optical products. Its flagship brands are Varilux, Crizal, Essilor, Definity and Xperio.
