Italian eyewear group Luxottica has agreed to buy Brazilian optical chain Oticas Carol for EUR€110m (US$117m). Its main shareholders are investment funds 3i Group, Neuberger Berman, and Siguler Guff & Company.

(Reuters) Luxottica, which earlier this month signed a US$50b merger deal with top lens maker Essilor (ESSI.PA), is already present in Brazil with a network of Sunglass Hut shops, a manufacturing plant and its wholesale business.

Oticas Carol operates a franchise of around 950 outlets selling both prescription frames and sunglasses, with annual revenue of around EUR€200m euros. Its main shareholders are investment funds 3i Group, Neuberger Berman and Siguler Guff & Company.