Turkish Competition Authority (“TCA”) announced its detailed decision on the acquisiton of Merve Optik San. ve Tic. A.Ş whose 100% of shares owned by Demirel Family, as the condition of previous Essilor-Luxottica merger.
TCA approved the merger between Essilor and Luxottica late in 2018 on the condition of divestiture of Merve Optik. Merve Optik is supplier sunglasses and spectacle frames. Merve Cam, another subsidiary of Demirel Family is a wholesaler of imported opthalmic lenses. TCA evaluated whether the filed transaction is in compliance with “Guidelines on Remedies That are Acceptable by the Turkish Competition Authority in Merger/Acquisition Transactions” and approved the merger.
(“TCA Decision, 19-42/703-301 dated 29.11.2019”)