Australian jeweler Lovisa Holdings Ltd. on Dec. 1 said that it will exercise its put option to buy the French operations of German peer beeline GmbH for €10 as part of its acquisition agreement.

Part of Lovisa's deal to acquire beeline included a put option agreement that would allow it to acquire beeline France's 30 stores.

Lovisa, which agreed to acquire beeline for €60 million, said beeline will ensure a cash level of €1.95 million on completion of the deal. After executing the put option, the total purchase price paid for beeline's operations in all seven countries will reach €70.

The acquisition includes Beeline Austria Gmbh, Beeline Retail, Beeline Retail BV, beeline Retail Gmbh, Beeline Retail SARL and beeline Switzerland.