Ogier acts on US$565 million merger between FGX International Holdings Limited and Essilor…

Ogier is acting as BVI counsel to FGX International Holdings Limited, a NASDAQ listed BVI company, on its merger with Essilor International whose shares are traded on the NYSE Euronext Paris market and are included in the CAC 40 Index.

Under the terms of the merger, FGX International shareholders will receive $19.75 per share in cash, valuing FGX International at approximately $565 million.  The deal includes the assumption of FGX debt of approximately $100 million.

Essilor International is the world leader in ophthalmic optical products. Marketed under such brands as Varilux®, Crizal®, Essilor® and Definity®, Essilor offers a wide range of lenses to correct myopia, hyperopia, astigmatism and presbyopia. Essilor has approximately 35,000 employees with a presence in approximately 100 countries, including the US. It operates through 15 production sites, 293 lens finishing laboratories and local distribution networks. In 2008, Essilor had revenues of approximately €3.1 billion.

FGX International is North America’s leading designer and marketer of non-prescription reading glasses and popular priced sunglasses. FGX brands include FosterGrant®, Magnivision®, Solar Shield®, Polar Eyes®, Corinne McCormack®, Angel™, Anarchy®, and Gargoyles®. FGX International also holds licenses to sell optical products under the Ironman, Levi Strauss Signature, C9 by Champion and Body Glove brands. FGX International products are found in over 68,000 retail locations in the US, Canada, Mexico and the United Kingdom. Revenues for 2008 were approximately $256 million (approximately $237 million, excluding the divested Jewelry business).

The Ogier team has been lead by Simon Schilder (Partner) who has been supported by Nadia Menezes (Senior Associate). Ogier worked alongside FGX International's US counsel were Skadden, Arps, Slate, Meagher & Flom LLP.