New Look Eyewear Inc is acquiring Vogue Optical Inc for USD74 million. The transaction will make the the combined company Canada's third-biggest integrated optical product supplier, according to a report published by GlobalPost.

Vogue is based in Charlottetown and sells various kinds of eyewear. It was founded in 1979. At present, Vogue has 65 branches all over New Brunswick, Newfoundland, Nova Scotia, Prince Edward Island, Labrador, and three other regions. The firm also has a lens processing facility, the report said.

New Look has entered into different financing transactions to provide a maximum senior secured debt facility of USD75 million. The said financing is made up of a USD10-million revolving facility, a USD65-million acquisition term facility, and a USD25-million equity financing, the report explained.

In addition, New Look also arranged for a USD15-million junior unsecured debt facility with a Canadian fund. This may be used to finance part of the purchase, said the report.

The acquisition deal is expected to be completed by December, GlobalPost reported.