Amplifon to acquire GAES group

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Last updated on July 24, 2018 at 06:57 am

Amplifon S.p.A. (“Amplifon” or the “Company”; 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 GAES Group (“GAES”) from the Gassó family and from other minority shareholders. The equity value to be paid in cash amounts to Euro 528 million, with a net financial position expected to be around zero.


  • Consolidates Amplifon’s global leadership position with the acquisition of the largest privately-owned specialty retailer worldwide
  • A unique opportunity for Amplifon’s growth strategy in the core Spanish market thanks to a highly recognized brand and the most extensive network
  • Significant value creation and synergy potential, making a positive contribution to EPS1 already from the first year
  • The deal will be financed with a new financing facility resulting in a pro-forma Net Debt/EBITDA of 3.4x (based on 2017 figures; Amplifon EBITDA as reported)
  • Closing of the transaction is expected by the end of Q4 2018

GAES is the largest privately-owned speciality hearing care retailer worldwide, with a leadership positioning in Spain, the tenth largest hearing aid retail market in the world. The company is also present in Portugal as well as in different Latin American countries. GAES operates a network of around 600 points of sale, of which around 500 are in Spain. In 2017 GAES Group posted revenues of around Euro 210 million and an adjusted EBITDA of around Euro 30 million2 .

The acquisition of GAES represents a key strategic transaction for Amplifon and supports the Company’s growth strategy to consolidate its market position in core markets.

In addition, the combination, which will also allow for a greater diversification of Amplifon’s business, is expected to generate significant synergies. Amplifon will finance the acquisition with a new bank financing fully underwritten by UniCredit S.p.A.

the CEO's comment

Enrico Vita, Chief Executive Officer of Amplifon, commented: “This major acquisition represents a key milestone in the history of our Company and perfectly fits Amplifon’s growth strategy, allowing us to consolidate our global leadership and enabling us to become market leader in Spain, as well as consolidate our market position in Portugal while entering also the Latin American region. The combination with GAES’ profitable business, the benefits of greater scale and the strong financial profile will enable us to successfully pursue our recently communicated development plans, thus creating tremendous new opportunities to drive growth, pursue excellence and innovation in customer experience and deliver significant shareholder value. Finally, we strongly believe this deal represents a significant opportunity for both companies’ employees and customers, given both Amplifon and GAES have long histories of unrivalled quality of service and utmost attention to customers”.

1 EPS excludes transaction related expenses and purchasing accounting (Purchase Price Allocation)

2 Pro-forma not audited financial data

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