Italian eyewear company Luxottica Group SpA said Jan. 30 it has agreed to acquire Óticas Carol for a total consideration of €110 million.

Subject to customary regulatory approvals, the deal is expected to conclude in the first half of 2017.

Under the terms of the deal, Luxottica will buy-out all shareholders of the Brazilian eyewear group, which includes its majority shareholders 3i Group plc, Neuberger Berman and Siguler Guff & Co. LP.

The acquisition will allow Luxottica to enter the optical franchise business in Brazil, giving it approximately 950 stores under the Óticas Carol banner.