Oakley's Made in the Shades

The future's so bright, you've got to wear purchase contract negotiators. Sunglass maker Oakley (NYSE: OO  ) is surrendering to the charms of Ray-Ban-donning giant Luxottica (NYSE: LUX  ) . The Italian eyewear company is snapping up Oakley in a $2.1 billion deal that will cash out shareowners at $29.30 a pop.

The exit strategy is generous. It's just a 16% premium to where Oakley shares closed yesterday, yet it's more than double where Oakley was trading just two years ago. If you think the buyout is robbing Oakley of its favorable momentum, whip out a calculator. The buyout values Oakley at more than 25 times forward earnings, a kind multiple given that analysts expect the company to grow at a little more than half that annualized rate over the next five years.

Luxottica hopes to improve on those multiples. Its global reach should help Oakley specs reach a wider audience. There will also naturally be cost savings as redundancies are eliminated. Luxottica is expecting the operating synergies to trim 100 million euro (or roughly $134 million) in overhead per year within three years.

Like a snug pair of glasses resting perfectly above your nose, it's a good fit. Both companies make popular sunglasses and run several retail concepts that specialize in prescription eyewear and trendy shades. Luxottica watches over LensCrafters and PearleVision. Oakley's chains include Bright Eyes and Sunglass Icon, as well as its namesake shops.

Yes, the companies have fashion on their side. We're not talking about lens care specialists like Bausch & Lomb (NYSE: BOL  ) and, to a lesser extent, Alcon (NYSE: ACL  ) , which may be vulnerable to the expansion of affordable corrective Lasik procedures being performed by companies like LCA Vision (Nasdaq: LCAV  ) . Just as Tom Cruise loves his Ray-Ban Wayfarers and some of my fellow Fools favor Oakley, cool shades seem to stand the test of time as well as the test of beaming sunlight.

It's a bright day for Oakley. Let's see how it grows in the shade -- or shades -- of Luxottica.  

LCA Vision is a Stock Advisor selection.

Longtime Fool contributor Rick Munarriz isn't as big a sunglass hound as some of his Foolish compadres. He does not own shares in any of the companies in this story. He is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.