Switzerland-based medical hearing solutions company Sonova has acquired the consumer electronics business of German audio company Sennheiser in a deal worth $241 million.
Subject to regulatory approval, Sonova is expected to own Sennheiser’s vast portfolio of products including headphones, earbuds, and soundbars by the end of 2021.
Sonova will continue to operate the Sennheiser line of products after making a mutual license agreement for future use.
Sharing his opinion on the deal, Mr. Daniel Sennheiser, co-CEO at Sennheiser stated that “We couldn’t have asked for a better partner than Sonova for our Consumer Electronics business,. 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.”
Dr. Andreas Sennheiser, the firm’s co-CEO further added that “The combination of our strengths provides an very good starting point for future growth. We are convinced that Sonova will strengthen the Sennheiser Consumer Business in the long term and capture the major growth opportunities.”
Sennheiser currently has close to 600 employees working in its consumer business.
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.”
With its consumer business now sold to Sonova, Sennheiser is expected to double down its focus on Pro Audio, Business Communications and Neumann business areas.
