PRINT THIS PAGE Carl Zeiss and Nordic EQT acquire the eyeglass business of SOLA International 07/12/2004. Source: AltAssets. 
 Nordic buy-out group EQT has joined forces with the German optical equipment developer Carl Zeiss to buy the US eyeglass business SOLA. The acquisition will be merged with Zeiss' eyeglass unit to form one of the biggest global firms in its sector, jointly owned by Zeiss and EQT.
The total purchase price, including the assumption of approximately $285m of debt, is $1.1bn and represents a premium of approximately 30 per cent to the 3rd December 2004 closing price of SOLA, according to a statement.
The conclusion of the transaction still requires approval by SOLA shareholders and the antitrust authorities. The merger is scheduled for the first quarter of 2005.
Dr Michael Kaschke, member of the Carl Zeiss executive board, said, 'I am excited that we can develop the Carl Zeiss eyeglass business with its technology, innovative products and strong ZEISS brand into a real global company. The merger with SOLA is an excellent opportunity to create a company that is represented in all important markets across the globe.'
SOLA International designs, manufactures and distributes a range of eyeglass lenses, primarily focusing on the faster-growing plastic lens segment of the global lens market, and particularly on higher-margin value-added products.
The eyeglass business of Carl Zeiss is currently being transferred into a company with limited liability, which will continue to be located in Aalen, Germany.
Swedish firm EQT was founded in 1994 by Investor AB, part of the Wallenberg group. EQT Partners has offices in Munich, Stockholm, Copenhagen and Helsinki. EQT private equity funds have invested in more than 30 companies, with combined sales in excess of €7bn.
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