New Look Vision Group Inc. (TSX:BCI) signed a definitive agreement to acquire Iris, le groupe visuel (1990) Inc. for approximately CAD 120 million on June 30, 2017. Under the terms of the agreement, New Look will acquire all of the outstanding shares of Iris on a cash-free and debt-free basis. The purchase price is subject to customary price adjustments. New Look Vision has entered into various financing agreements to finance the transaction, which are comprised of (i) senior secured term facility of CAD 95 million with its bank, (ii) an arrangement of CAD 35 million of junior unsecured credit facility and a CAD 20 million of equity private placement of 0.65 million subscription receipts at a price of CAD 30.94 per subscription receipt with a Quebec-based fund; and (iii) a CAD 30 million of concurrent equity private placement of 0.96 million subscription receipts at a price of CAD 30.94 per subscription receipt. The 1.62 million subscription receipts issued pursuant to the private placements are expected to be automatically exchanged into 1.62 million Class A Common Shares of New Look Vision,  As a result thereof, 15.44 million Class A common shares of New Look Vision are issued and outstanding on October 24, 2017. Post completion Eric Babin will be appointed as the new President of Iris. He will be replacing Dr. Michael Chaiken O.D., who has retired as President. Dr. Sylvain Boucher O.D. will join the Iris board of directors. Mario Pageau will replace Martial Gagne and become Senior Vice-President of New Look Eyewear and Greiche & Scaff and Martial Gagne will continue to serve on the board of directors of New Look Vision. The transaction is subject to execution of employment agreement, approval of Iris shareholders and execution of ancillary agreement. The transaction of Iris is expected to close on or about October 1, 2017 subject to customary closing conditions. Sonenshine Partners LLC acted as broker for Iris. Pierre-Yves Leduc and Gayle Noble of Stikeman Elliott LLP acted as legal adviser for Iris. Richard D. Cherney, Louis-Martin O'Neill, Dan Wolfensohn, Christina Sauro, Nicolas Morin, Evan Paperman and Elliot Greenstone of Davies Ward Phillips & Vineberg LLP acted as legal advisor for New Look Vision. Sonenshine Partners acted as financial advisor to IRIS The Visual Group Inc. New Look Vision Group Inc. (TSX:BCI) completed the acquisition of Iris, le groupe visuel (1990) Inc. on October 24, 2017. As of October 27, 2018, Éric Babin has been appointed as the new President of Iris and Sylvain Boucher O.D. will be joining the Iris board of directors.