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17 March 2020

Sayenko Kharenko advises on disposal of majority stake in Luxoptica Group and creation of joint venture with EssilorLuxottica

Sayenko Kharenko has acted as legal counsel to OH Holding Limited in relation to the sale of a 51 per cent stake in the Luxoptica group of companies (Luxoptica Group) and the creation of a joint venture with Essilor Nederland Holding B.V., a subsidiary of EssilorLuxottica, the world’s largest manufacturer of eyewear products.

Sayenko Kharenko provided full-scope sell-side legal support for the transaction, including deal structuring, drafting and negotiating transaction documents, assisting with pre-sale restructuring of the target business, and deal implementation support including obtaining merger clearances, pre-closing, and closing assistance.

EssilorLuxottica is a global leader in the design, manufacture and distribution of ophthalmic lenses, frames and sunglasses. Formed as a result of a landmark merger of industry pioneers Essilor and Luxottica, the group operates influential eyewear brands, including Ray-Ban, Oakley, Burberry, Emporio Armani, Valentino, Scuderia Ferrari, Prada, Versace, and lens technology brands, including Varilux and Transitions.

Luxoptica Group is the largest Ukrainian player in the eyewear wholesale and retail market, providing its customers with comprehensive ophthalmic services, including vision screening, ophthalmology consultation, vision hardware treatment, manufacturing, and repair of glasses.

“We are pleased to announce the successful completion this landmark deal with EssilorLuxottica, as a result of which the joint venture will operate around 190 retail stores in Ukraine and should definitely benefit from EssilorLuxottica’s unique expertise in the ophthalmic industry and our comprehensive knowledge of the local market,” commented Inna Koval, the legal representative of Oleg Kalashnikov, the majority shareholder of OH Holding Limited.

Sayenko Kharenko’s corporate team was led by partner Oleksandr Nikolaichyk and associate Ilhar Hakhramanov with support from associates Yurii Dmytrenko, Mykola Lykhoglyad and Angelina Danyleiko. Senior associate Julia Kuyda and associate Igor Pomaz advised on antitrust matters under the supervision of partner Vladimir Sayenko. Partner Svitlana Musienko and associate Yurii Dmytrenko advised on tax matters. Partner Alina Plyushch and senior associate Dmitry Riabikin advised on foreign jurisdictions matters.

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