agreed to acquire
First American Health Concepts
( FAH) for $25 million in cash.
First American is a managed vision care company based in Phoenix. The company's stockholders will receive $9.06 in cash for each common share they own. The company has about 2.6 million shares outstanding.
Luxottica will combine First American with its
EyeMed Vision Care
division. The company expects to close the acquisition in the second quarter. EyeMed will cover 30 million members after the deal closes.
Luxottica, which is based in Milan, gained $1.33, or 9%, to $16.09 during regular trading on the
New York Stock Exchange
. First American gained 15 cents, or $1.99, to $7.70 in regular trading on the
American Stock Exchange
Last week, Luxottica agreed to acquire
for $462 million.