SOLA INTERNATIONAL ACQUIRED BY ZEISS
SAN DIEGO - 12/08/04 - Eyeglass lens maker Sola International (SI) has agreed to be bought by Germany's Carl Zeiss AG and EQT, a Europe-based private equity firm, in a deal valued at about $815 million in cash.
Zeiss and EQT will form a new company that will be owned 50:50 that will have combined revenues of approximately $1.07 billion, employ approximately 9,000 people and "position the company as a leading provider of ophthalmic lenses globally," according to a statement from San Diego-based SI.
The total purchase price includes the assumption of approximately $285 million of debt.
The newly-formed company will include Carl Zeiss' eyeglass business. Several other optical and opto-electronic businesses owned and operated by the German company will not be part of the new operation, it said.
"Further," the statement said, "This merger represents an ideal strategic fit for SOLA as it enables the company to strengthen its geographic presence in Europe and Asia Pacific and provide for improved utilization of the company's manufacturing and distribution facilities."
The deal is expected to close in the first quarter of 2005.
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