Essilor Completes Acquisition of Costal.com

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Essilor International announced today that it has completed the acquisition of all outstanding common stock of Coastal.com, one of the world’s leading online vision
care retailers.
The transaction, announced last February 27, was approved by Coastal.com shareholders in extraordinary meeting on April 16. It has also been cleared by regulatory authorities.
Based in Vancouver, British Columbia (Canada), Coastal.com designs and distributes one of the widest online selections of optical equipment, including contact lenses, prescription and non-prescription eyeglasses, sunglasses and accessories. It reported revenue of CAD 218 million for the fiscal year ended October 31, 2013. The price of the transaction was CAD 12.45 per Coastal.com share, which represents an equity value of approximately CAD 430 million.
Commenting on the acquisition, Hubert Sagnières, Essilor’s Chairman and Chief Executive Officer, said: “the acquisition of Coastal.com is fully aligned with Essilor’s efforts to make the Internet a powerful driver of growth across the optical industry. Online sales offer strong growth potential and this platform, used properly by Essilor, will help to educate consumers and make it more convenient for them to enjoy good visual health for the benefit of all industry players.”
Coastal.com will be consolidated by Essilor from May 1st, 2014. Coastal.com shares will be withdrawn from trading on the Toronto Stock Exchange and the NASDAQ on the same date.

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