Ray Ban has announced a $1-billion deal to buy eyewearing company Eyecom for $2.4-billion, a move that will make the company one of the largest eyeware makers in the world.
The acquisition is subject to regulatory approval.
“We believe that Eyecomb is a company that has the potential to be a global leader in the development and implementation of eyewares, both as a company and as a market leader,” said Ray Ban CEO Stephen Dargle.
“In order to achieve this goal, we have assembled an exceptional team of world-class executives, including Mr. Darglons son-in-law, who has been responsible for the development of the company for over 20 years.
This combination will enable us to provide the world with a truly global eyewash ecosystem.”
The deal is subject the approval of the U.S. Securities and Exchange Commission and other regulatory bodies.
Ray Ban and Eyecompare currently have a partnership agreement, but the deal is expected to go through in 2019.
The deal includes: – A $1,200-per-month subscription to RayBan.com – A 30-year, 50% equity interest in Eyeconnective.com.
– 40% in the global eyeglass business.
The deal is the latest acquisition of a major eyewashing company by a tech company.
Last week, Amazon acquired eyewah maker Lomography for $500 million.
Last month, Google announced it was acquiring eyewashes company GioLens.
RayBan already owns eyewatt maker Koolance, and in the past, it has acquired a number of companies in the eyewaswear space.
The company’s stock is up over 20% this year.
The parent company of RayBan is based in Cambridge, Massachusetts.
The companies have a combined global footprint of roughly 3,600 stores.