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BUCHAREST (Romania), August 28 (SeeNews) - Romania's competition authority said it has approved the acquisition of local optical retailer Optiplaza by funds managed by private equity firm Innova Capital.
"Following a review of the transaction, the Competition Council has found that it does not raise significant obstacles to effective competition in the market, in particular by establishing or strengthening of dominant position," the anti-trust body said in a statement on Tuesday.
Innova Capital said it is acquiring Optiplaza in July through its Innova/6 SCA SICAV-RAIF funds for an undisclosed price.
This is Innova Capital's second agreement for acquisition of a Romanian optical retailer, after the private equity company agreed in July to acquire 100% of Optical Network. Optical Network and Optiplaza are the two biggest companies on the Romanian optical retail market, according to Innova Capital.
Optiplaza owns two retail chains of eyewear - Optiplaza and Optica Express, with 42 stores in the country. Optical Network operates 55 stores nationwide under two brands: OPTIblu and Klarmann.
Innova Capital has raised six investment funds totalling 1.1 billion euro ($1.2 million), with almost 50 investments across 10 countries in Central and Eastern Europe.
($ = 0.9003 euro)