Essilor of France said Monday that it would merge with Luxottica Group of Italy, the owner of the Ray-Ban and Oakley brands, in a $49 billion deal that would create a giant in the eyewear industry.

The combined company, to be known as EssilorLuxottica, would be the largest player in the eyewear market, manufacturing lenses for prescription glasses and sunglasses, as well as frames. It would have a presence online as well as in stores, with brands including Foster Grant, Oliver Peoples, Persol, LensCrafters, Pearle Vision and Sunglass Hut.

Essilor, including its Transitions Optical venture, has operated various units across Tampa Bay but has been downsizing its Pinellas Park facility and other locations in recent years. It still operates an Essilor processing center in Tampa.

The new company would have more than 140,000 employees and sales in more than 150 countries. Based on 2015 results, it is forecast to have revenue of more than 15 billion euros, or about $16 billion, in 2016.

"The new group would be a clear leader in the optical industry, with a strong brand portfolio, global distribution capabilities and complementary expertise in ophthalmic lenses, prescription frames and sunglasses," Fred Speirs, a UBS analyst, said in a research report on Monday.

Luxottica, which makes prescription eyeglasses and sunglasses under a variety of brands, and Essilor, a maker of lenses, are the two largest companies in the sector, with Luxottica having a 14 percent market share and Essilor a 13 percent share, according to the market research firm Euromonitor International. Johnson & Johnson is the next largest, with a 3.9 percent share.

The two companies were worth a combined 46.3 billion euros, based on their market capitalization at the end of trading on Friday. They said they expected to save 400 million to 600 million euros "in the medium term."

More than half of revenue at the combined company would come from the United States, while Europe would account for about 22 percent and 18 percent would come from Africa, Asia and the Middle East.

"By joining forces today, these two international players can now accelerate their global expansion," Hubert Sagnières, the Essilor chairman and chief executive, said in a news release.

The transaction is expected to close in the second half of 2017, but requires regulatory and shareholder approval.

Under the terms of the deal, Delfin, the family holding company of the Luxottica founder and executive chairman, Leonardo Del Vecchio, would contribute its 62 percent stake in Luxottica in exchange for shares in Essilor, becoming the combined company's largest shareholder.

Del Vecchio would serve as executive chairman and chief executive, while Sagnières would serve as executive vice chairman and deputy chief executive.

The company's 16-member board would consist of eight directors nominated by Essilor and eight nominated by Delfin.