New Look Eyewear Inc. just announced that it has entered into an agreement to acquire the assets and business of Vogue Optical Inc., located in Prince Edward Island.

Vogue Optical comprises 65 stores, including 21 in Nova Scotia, 21 in New Brunswick, 15 in Newfoundland and Labrador, 5 in P.E.I. and 3 in other provinces, as well as a lens processing facility.

The purchase price of the assets and business of Vogue Optical will be $74 million, and the acquisition is expected to close by December 2, 2013, subject to the usual closing conditions.

Vogue Optical will operate as a stand-alone business based in Charlottetown, and both groups will continue to grow in their respective markets.

With this acquisition, New Look will have a network of over 140 locations, making it the third largest retail optical company in Canada