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Alliance Boots is set to merge its Boots Opticians business with high street retailer Dollond & Aitchison in a move that will create the second-largest chain of opticians in the UK.

Alliance Boots has bought a controlling stake in the new company, which will be jointly owned with De Rigo, Dollond & Aitchison’s current owner and one of the largest opticians in Europe.

The terms of the transaction have not been revealed.

The new entity, which will trade as Boots Opticians, will have around 690 outlets and employ more than 5,000 people. The company confirmed that the Dollond & Aitchison practices will “in due course adopt the Boots Opticians brand”.

The transaction, which is subject to the approval of the competition authorities, is expected to be closed in the second quarter of 2009.

UniCredit Markets & Investment Banking acted as sole financial adviser to Alliance Boots.

Stefano Pessina, executive chairman of Alliance Boots, commented: “The merger gives us an excellent opportunity to create a leading force in the UK optical market. Our plan is to grow and develop the new business, building on the strengths of the Boots brand.”

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