Sennheiser and Sonova jointly announced today that the world’s largest hearing aid maker, headquartered in Stäfa, Switzerland, will acquire the consumer division of German audio manufacturer Sennheiser for 200 million euros.
Subject to regulatory approval, the transaction, which is expected to close in the second half of 2021, will see the transfer of the business to the Switzerland-based group by the end of 2021.
With the Sennheiser Consumer business acquisition, Sonova is adding headphones and soundbars to its hearing care portfolio, which includes hearing aids and cochlear implants, among other hearing solutions. Sonova will leverage the complementary competencies of both companies to strengthen and further expand its business areas in the future. Permanent cooperation is planned under the joint Sennheiser brand-umbrella to continue offering Sennheiser customers first-class audio solutions in the future. A license agreement for future use of the Sennheiser brand has been made.
Arnd Kaldowski, CEO of Sonova, says: “I am very pleased that Sennheiser has chosen Sonova to further develop the well-renowned Consumer Division. We look forward to welcoming our new colleagues and to building on the combined strengths of both organizations to successfully shape our joint future. The fast-growing market for personal audio devices is rapidly evolving. Combining our audiological expertise with Sennheiser’s know-how in sound delivery, their great reputation as well as their high-quality products will allow us to expand our offering and to create important touchpoints with consumers earlier in their hearing journey. Combining our market-leading technology with the strong brand and well-established distribution network of Sennheiser creates a strong foundation for future growth.”
The Switzerland-based group said the transaction would be financed from its existing funds and allow it to tap into the emerging segment of voice optimisation for in-ear wearables.
Under the agreement, Sonova will also take over the development and production areas of Sennheiser Consumer Electronics and see the transfer of employees to Sonova. A total of around 600 Sennheiser employees currently works for the consumer division.