HAMBURG (dpa-AFX) - German optics firm Fielmann AG (FLMNF.PK) announced Thursday that it has acquired an 80 percent equity ownership stake in Spain's Óptica & Audiología Universitaria, thereby entering the 15th European market. The financial terms of the deal were not disclosed.
The transaction is effective as of December 31, 2020 and marks an important step in the continued internationalization of the Fielmann Group.
With about 400,000 glasses sold and more than 100 million euros in 2019 sales, Óptica & Audiología Universitaria is the third largest retail chain in Continental Europe's fourth-largest optical market. The family business currently operates 80 stores with more than 1,000 employees in Spain.
Through synergies, Fielmann Group will further accelerate the growth of Óptica & Audiología Universitaria to reach its long-term plan of selling more than 900,000 glasses and generating sales of more than 250 million euros.
Fielmann CEO Marc Fielmann said, 'In 2021, we will further drive our international expansion, gain additional market share in both our core and growth markets and enter an additional new market.'
Copyright RTT News/dpa-AFX