Delfin S.à r.l., a company controlled by Leonardo Del Vecchio, founder and chairman of the board of directors of Luxottica Group S.p.A., completed the placement of 18 million ordinary shares of Luxottica Group S.p.A. (“Luxottica”), equal to approx. 3.8% of Luxottica’s outstanding ordinary shares, for a total consideration of €486 million ($610 mm).
The placement was carried out through an accelerated “bookbuilt offering” to institutional investors, at a price of €27.00 per share. The transaction will be settled by delivery of shares and payment of the consideration on 11 September 2012. Goldman Sachs International acted as sole book runner for the placement and UniCredit Bank AG London branch acted as co-bookrunner.
As a result of the sale, Delfin will hold approximately 62.1% of Luxottica’s outstanding ordinary share capital. The company, which owns the Oakley and Ray-Ban brands of sunglasses, announced Wednesday that it had authorized the sale of approximately 33 million Luxottica ordinary shares (corresponding to approximately 7% of the outstanding ordinary shares) through an accelerated bookbuilt offering to institutional investors.
“Luxottica has consistently been ranked as a top-quality company,” said Del Vecchio. “Since its founding in 1961, Luxottica, with its leadership in the eyewear industry, has demonstrated a clear vision of the market and an ability to transform ideas into best practices. This sale of Luxottica ordinary shares is intended to enhance the trading liquidity of Luxottica’s listed shares in response to feedback from investors who have been following the success of Luxottica over the years. Delfin remains fully committed, as the majority shareholder, to ensuringLuxottica’s stability and long-term growth, which is its core DNA, and it is not contemplating any additional sale following the completion of this offering.”
