Luxottica, Oakley launch new group with 'extraordinary potential'

By Lisa Kerner

Charlotte, N.C., Nov. 14 - Luxottica Group SpA and Oakley, Inc. completed their merger, with Oakley now a wholly owned subsidiary of Luxottica.

Oakley's shares ceased trading on the New York Stock Exchange at the close of the market on Thursday.

"Joint teams from the two companies have been focusing for months on the tremendous business opportunities we have ahead, which will become operating plans by year-end," Luxottica chief executive officer Andrea Guerra said in a company news release.

"While we have tremendous work in front of us, our early integration planning efforts give us confidence that the value of this combination can, in fact, be realized," Oakley CEO Scott Olivet added in the news release.

It was previously reported that Luxottica would acquire Oakley for $29.30 per share in a deal valued at $2.1 billion.

Oakley, based in Foothill Ranch, Calif., specializes in sport performance optics, including premium sunglasses, goggles and prescription eyewear. Luxottica is a Milan, Italy-based eyewear company.

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