Hearing aid company Sonova to acquire Sennheiser consumer unit for €200m
Sonova, a Swiss hearing care solutions provider, has agreed to acquire the consumer electronics division of German audio company Sennheiser electronic for €200m.
The Sennheiser consumer division focuses on selling headphones and hearables for private customers. It is said to be an excellent fit with the Swiss firm’s strategy to steer innovation in hearing experience and to have consumers early on their hearing journey engaged.
Sonova said that the deal will also enable it to further grow its portfolio of products through the consumer division’s premium headphones, audiophile headphones, improved hearing solutions, and soundbars.
The acquisition will help the hearing care solutions provider in seizing growth opportunities, especially in the rapidly growing market for true wireless headsets and the emerging area of speech enhanced hearables.
Arnd Kaldowski – CEO of Sonova said: “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.”
Sennheiser to divest its consumer electronics unit to Sonova. Photo courtesy of Sennheiser electronic GmbH & Co. KG.
Currently, Sennheiser consumer division has a workforce of nearly 600 employees. It has sales of nearly €250 million annually via a broad online and in-store distribution network.
Sennheiser has taken up the deal in line with its announcement in February 2021 of its plans to focus on the professional business in the future while pursuing a partner for the consumer electronics business.
Daniel Sennheiser – co-CEO at Sennheiser said: “We couldn’t have asked for a better partner than Sonova for our Consumer Division.
“Sonova is a strong, well-positioned company. Not only do we share a passion for unique audio experiences, we also share very similar corporate values. This gives us an excellent foundation for a successful future together.”
The deal, which is subject to regulatory approval, is anticipated to be wrapped up in the latter half of this year.