(Corrects number of stores to be sold off to 351 from 451 in paragraphs 1 and 3)
BRUSSELS, March 23 (Reuters) - EU antitrust regulators on Tuesday cleared with conditions EssilorLuxottica’s 7.2 billion euro ($8.5 billion) buy of GrandVision after the Ray-Ban maker agreed to sell more than 300 stores in three countries to address competition concerns.
Formed in 2018 from the merger of French lens manufacturer Essilor and Italian spectacles maker, EssilorLuxottica also makes eyewear for luxury brands such as Chanel, Prada and Versace.
The European Commission said EssilorLuxottica pledged to sell a total of 351 stores in Italy, the Netherlands and Belgium to allay concerns that the deal may result in price hikes for frame retailers and reduce competition.
$1 = 0.8422 euros Reporting by Foo Yun Chee; Editing by Jan Harvey