Cleary wins top role on £40bn Ray-Ban owner merger

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Cleary Gottlieb Steen & Hamilton has advised French lens maker Essilor on its £40bn merger with Ray-Ban owner Luxottica.

Paris-based partner Pierre-Yves Chabert led Cleary’s team for Essilor, which is listed on the Euronext Paris Stock Exchange.

Italian law aspects are being handled by partner Giuseppe Scassellati-Sforzolini, while US law and other aspects are being handled by Paris-based partner John Brinitzer.

Antitrust partners Mario Siragusa and François-Charles Laprevote are also working on the deal, as well as US-based competition partners Mark Leddy and David Gelfand. Leddy stood down as the firm’s managing partner this year.

Tax issues are being tackled by partners Anne-Sophie Coustel and Vania Petrella; while Jean-Marie Ambrosi is working on employment law.

The company will merge with Italian-headquartered Luxottica, owned partially by Delfin.

BonelliErede is advising Delfin, alongside best friend Bredin Prat. Founding partner Sergio Erede led the BonelliErede team alongside partner Stefano Cacchi Pessani. Antitrust issues were handled by partner Claudio Tesauro, with tax partner Andrea Manzitti completing the team.

Bredin Prat meanwhile advised on French matters, led by corporate partners Sébastien Prat and Florence Haas. Partners Sébastien de Monès and Laetitia Tombarello worked on tax and employment issues respectively.

The combined company will post net revenues of more than €15bn, with the agreement requiring Delfin to contribute its entire stake in Luxottica to Essilor.

Delfin will be granted new shares following the merger, which will complete in the second half of 2017.

Background to the deal 

Essilor is understood to be a comparatively new client for Cleary, with Essilor turning to CMS Cameron McKenna in 2015 as it expanded in the UK, Spain, Portugal and Italy.

While Essilor’s merger partner Luxottica this time turned to local best friends Bonelli and Bredin Prat, it has history with US giants Winston & Strawn. The latter advised the company as it merged with Oakley in 2007.

The post Cleary wins top role on £40bn Ray-Ban owner merger appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.



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