Novartis and Nestlé have completed the purchase and sale of approximately 156 million shares of eye care company Alcon for $28.3bn.

Novartis is now Alcon’s majority shareholder and holds approximately 77% of Alcon’s outstanding shares.

The transaction followed an agreement between Nestlé and Novartis executed on April 6, 2008.

Alcon, is involved in the research, development, manufacture and marketing of pharmaceuticals, surgical equipment and devices, contacts lens solutions and other vision care products.