Cheap Sunglasses? Not For Luxottica

The Italian optics giant snares performance eyewear maker Oakley in a $2.1 billion deal

How do you say "buyout" in Italian? Oakley (OO), the maker of the fancy sunglasses (sorry, "sport performance optics") favored by pro athletes and weekend warriors, has a new societa madre: Italian optical giant Luxottica (LUX). The two companies announced a deal on June 20 under which Foothill Ranch (Calif.)-based Oakley would be acquired by the Milan eyewear giant for $29.30 in cash per share, for a total purchase price of around $2.1 billion.

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