French optical firm Essilor Int’l S.A. has inked an agreement to acquire online optical company for $401 million.

The Vancouver-based e-tailer’s board has already approved the transaction for 445 million Canadian dollars, or $401 million, representing a cash offer of 12.45 Canadian dollars, or $11.22, a share. All conversions to U.S. dollars are at current exchange.

Coastal said the offer represents a 43 percent premium over the company’s three-month volume-weighted average price of 8.73 Canadian dollars, or $7.87, and an 84 percent premium over the six-month volume-weighted average price of 6.78 Canadian dollars, or $6.11., a Warby Parker competitor, was advised by Guggenheim Securities, while Essilor was advised by J.P. Morgan.

Wedbush recently initiated coverage of, giving it an outperform rating, and noting that the company is “positioned as a leader in the eyeglasses market.”

Unlike Warby Parker, which sells its proprietary designs, sells its private label eyewear brands and those of others, such as Oakley.

Essilor is one of the largest French optical firms. Essilor’s brands include Varilux, Crizal and Foster Grant. Ratings agency Moody’s Investors Service this morning assigned Essilor a P-1 short term issuer rating, reflecting its long-term position as a global leader of corrective lenses, with the outlook as stable.

Financial sources said Essilor plans to use as its e-commerce growth vehicle. Essilor does not currently operate an e-commerce platform.

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