New York, USA.- Meta Platforms is in talks to acquire a stake of about 5 percent in EssilorLuxottica, its production partner for Ray-Ban smart glasses, The Wall Street Journal reported, citing people familiar with the matter.
The stake in the world’s largest eyewear company could be worth 4.33 billion euros ($4.73 billion) based on its latest market value of 86.5 billion euros, according to Reuters calculations based on LSEG data.
The potential deal could give Meta greater control over the smart glasses roadmap at a time when tech giants like Apple are investing millions to create cutting-edge gadgets based on augmented and mixed reality technologies.
Shares in Paris-listed EssilorLuxottica jumped 6 percent on the news, while Meta shares rose 2.3 percent in after-hours trading.
The eyewear company was formed in 2018 through a merger of France’s Essilor and Italy’s Luxottica. Delfin, the holding company owned by the family of Luxottica’s late founder Leonardo Del Vecchio, is its largest investor, with a stake of about 33 percent.
First launched in 2021, Ray-Ban Meta smart glasses have been an important part of Meta’s consumer product portfolio.
EssilorLuxottica Chief Executive Francesco Milleri said earlier this week that the new generation of Ray-Ban Meta smart glasses, launched in October, have sold more in a few months than the old ones did in two years.
Analysts are praising the latest generation of glasses, which include a Meta AI assistant and are capable of live-streaming what a user sees directly to Facebook and Instagram.
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