Vancouver’s Coastal Contacts (TSX:COA), also known as Coastal.com, has been sold to lens designer and manufacturer Essilor International for $430 million.
The transaction, which is expected to close in 2014’s second quarter, is subject to shareholder and regulatory approval.
“Essilor shares Coastal.com’s focus on customers, innovation and growth,” said Roger Hardy, Coastal Contacts founder and CEO. “The combination will enhance Coastal.com’s ability to achieve its goals while realizing a significant all-cash premium for our shareholders.
“I am confident this transaction is the right decision for Coastal.com, our employees and our shareholders.”
Essilor operates in 100 countries around the world and employs more than 55,000 people. In 2013, the company had earnings of more than €5 billion.
As of press time, shares of Coastal Contacts were trading at $12.50, an increase of 20%.
