Amplifon S.p.A. (MTA; Bloomberg ticker: AMP:IM), global leader in hearing solutions and services, announces today that it has signed a definitive agreement for the acquisition of MiniSom in Portugal (part of the AudioNova retail business) from Sonova Holding AG (“Sonova”). Furthermore, the Company also announces it is engaged in negotiations with Sonova regarding the potential acquisition of its AudioNova retail business in France.
MiniSom in Portugal operates around 75 stores and shop-in-shop locations; while AudioNova in France operates around 55 shops. The closing of the MiniSom acquisition is subject to regulatory approval; while the proposed transaction in France is subject to a works council information and consultation procedure as well as other mandatory employee rights. The two businesses generated combined annual sales of over 25 million euros in 2016.
The acquisition of MiniSom perfectly fits Amplifon’s strategy aimed at strengthening the Company’s positioning in core markets allowing the Company to reach an optimal scale in Portugal bringing the local network to a total of over 140 points of sale. The MiniSom transaction, which calls for a cash-out of 16 million euros, shall enable Amplifon to reap important synergies and generate value for its shareholders.