- A Swiss company Sonova is planning to buy headphones brand Sennheiser, a German consumer electronics division.
- Sennheiser was seeking a buyer since it was under tremendous pressure and have seen 650 jobs cut.
- Sonova revealed the Sennheiser’s purchase price ranges €200 million or $241 million.
- The deal is yet to be approved by the regulatory body.
A Swiss company Sonova is all set to buy headphones brand Sennheiser, a German consumer electronics division. Sonova is the company known for medical products like hearing aids and cochlear implants. Sonovo is thus expanding its horizon, taking over the business of consumer headphones, wireless earbuds, and soundbars.
Sennheiser has in mid-February announced it sought a buyer for its consumer firm due to the immense pressure, the company’s sale being at par in 2019. The pressure was huge enough to have led to the 650 jobs cut.
Sennheiser’s co-CEOs, brothers Andreas and Daniel Sennheiser, stated that they “couldn’t have asked for a better” partner. The CEOs elaborate that the partners they’ve found as Sonova share the passion and a commitment similar to that of Sennheiser.
On announcing its deal with Sonova, the company said it would continue to sell products under the Sennheiser brand. Sonova CEO Arnd Kaldowski said, “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.”
Sonova has revealed the Sennheiser’s purchase price to be amounting to €200 million or $241 million. At the same time, the revenue generated by Sennheiser is of €250 million annually. The deal is yet to be approved by the regulatory body. Sonova says it may be closing it in the second half of the year 2021.