French ophtalmic lens maker Essilor International S.A. (EI.FR) said Wednesday it is acquiring FGX International Holdings Ltd. (FGXI), a U.S.-based specialist in non-prescription reading glasses.

The deal, which Essilor will fund through existing cash resources and credit facilities, is valued at $565 million, including the repayment of FGX's net debt of around $100 million.

Essilor said the acquisition, expected to close in 2010, will be earnings accretive in 2010 excluding the impact of the purchase price allocation, and earnings accretive in 2011.

Company website: www.essilor.com

-By Elena Berton, Dow Jones Newswires; +33 1 40 17 17 65; elena.berton@dowjones.com
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