Ray-Ban heir’s 10 billion euro buyout of siblings’ shares approved: Italian media

ESSILORLUXOTTICA heir Leonardo Maria Del Vecchio has reportedly reached an agreement to buy out two of his siblings, sealing a deal valued at about 10 billion euros (S$14.95 billion) that will make him the largest shareholder in the Italian family’s Ray-Ban empire.   

A majority of the eight shareholders of Delfin Sarl approved the proposal at an extraordinary meeting on Monday (Apr 27), Italian news agency Radiocor reported.

Leonardo Maria, who turns 31 next week, will have a 37.5 per cent stake in the family holding company, the agency said. He has negotiated for months with family members and to secure financing to purchase the combined 25 per cent holding of siblings Luca and Paola Del Vecchio. 

The agreement would give Leonardo Maria, an executive at EssilorLuxottica, a pivotal role in the Ray-Ban maker as it moves deeper into medical technology with artificial intelligence-powered glasses partner Meta Platforms.

It could also pave the way for a broader resolution of founder Leonardo Del Vecchio’s estate, nearly four years after the eyewear magnate’s death.

The size of Leonardo Maria’s holding could potentially unlock further dealmaking within the family, people familiar with the matter have said.

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A Delfin representative declined to comment to Bloomberg News on the shareholder vote. 

Italian newspaper Repubblica reported earlier on Monday that one of the shareholders, Rocco Basilico, was likely to oppose Leonardo Maria’s plan. BLOOMBERG