The deal is expected to close by the end of the year and Del Vecchio said he is confident there will be no problems gaining approval from competition authorities. Luxottica and Essilor, which have a market value of about 24 billion euros and 22 billion euros respectively, had explored a possible tie-up a few years ago. Luxottica said in September 2014 that discussions had taken place in 2013 but were dropped for a number of reasons, including shareholding governance issues. A source close to the deal said that the two companies' business models, operations and strategy have converged since then and that the merger makes more sense now, given growing competition. The source said the tie-up had been agreed in the past six weeks. Mediobanca advised Delfin on the merger, with Essilor advised by Rothschild and Citi. Delfin's shareholders are Del Vecchio's six children and his second wife.