EssilorLuxottica Heirs Reach Terms, Clearing Way to Close Estate

Three of EssilorLuxottica SA founder Leonardo Del Vecchio’s children reached agreement on terms for the transfer of a 25% stake in the family holding company, paving the way for a resolution of the Italian billionaire’s estate nearly four years after his death.

Leonardo Maria Del Vecchio agreed to pay around €10 billion ($11.7 billion) to siblings Luca and Paola for their shares in Delfin Sarl, people familiar with the matter said. The transaction will raise Leonardo Maria’s holding to 37.5%, making him the largest shareholder.