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Press Release

Fieldfisher advises Sonova on acquisition of Sennheiser Consumer Division

12/05/2021

Locations

Germany

Sonova Holding AG, a leading provider of hearing solutions, has signed an agreement to acquire the Consumer Division of Sennheiser electronic GmbH & Co. KG (Sennheiser). The transaction, with a total volume of EUR 200 million, is subject to regulatory approval and is expected to close in the second half of calendar year 2021. Sonova was legally advised in the acquisition process by a Fieldfisher team led by partner Jan Hartmann.

Swiss-based Sonova Holding AG is considered a leading provider of hearing products with its innovative solutions and one of the most comprehensive product portfolios in the industry. Under numerous well-known brands, the Group markets a product range that includes hearing aids, cochlear implants and wireless communication solutions. With the acquisition of the Consumer Division of earnings per share.

Sennheiser electronic GmbH & Co. KG (Sennheiser), Sonova is further expanding its comprehensive product portfolio in the industry and also tapping into its established, complementary sales network and existing customer base. Strategically, Sonova expects the acquisition of the well-known manufacturer to drive innovation in the field of hearing experiences and to exploit growth opportunities in the fast-growing market for true wireless headphones and in the emerging segment of hearables with voice support. The acquisition consideration for the Sennheiser Consumer Division, with a total volume of EUR 200 million, will be financed by the Group from existing funds. In addition, Sonova has entered into a perpetual license agreement at arm's length conditions. The closing of the transaction is scheduled for the second half of 2021 and is expected to be accretive to

Sennheiser is one of the leading manufacturers of headphones, microphones and wireless transmission technology. Founded in 1945, the family-owned company, which is active in more than 50 countries with 21 sales subsidiaries and long-term trading partners, has been led by CEO's Daniel Sennheiser and Dr. Andreas Sennheiser in the third generation since 2013. Already at the beginning of the year, they indicated that they would set up Sennheiser's business units independently into the Consumer and Professional divisions and focus more on the latter. The acquisition of the Sennheiser Consumer Division, which currently generates annual sales of around EUR 250 million in this business segment with around 600 employees worldwide, by audiological expert Sonova underscores this strategic decision by the company.

Fieldfisher is advising Sonova on the acquisition as lead counsel and is also coordinating other law firms involved. To a large extent, Fieldfisher can draw on its extensive international presence, for example in Ireland, France, Belgium, the Netherlands and China.

Legal Counsel Sonova Holding AG:

Fieldfisher:
Jan Hartmann (Lead, Partner, Corporate/M&A), Dr. Patrick Halfpap (Partner, Corporate/M&A), Dr. Sascha Dethof (Partner, Antitrust), Marcus Kamp (Partner, Labour), Dr. Stefanie Greifeneder (Partner, IP/Commercial), Andre Happel (Partner, Tax), Stephan Zimprich (Partner, IT), Thorsten Ihler (Partner, IT/Data protection), Sara Bandehzadeh (Partner, Commercial), Victor-Alexander Martins Kuenzel (Partner, Real Estate), Matthias Berger (Partner, IP), Leif Herzog (Counsel, Corporate/M&A), Anita Malec (Counsel, Antitrust), Dr. Bahne Sievers (Counsel, IT), Dr. Kai Danelzik (Associate, Corporate/M&A), Mike Seemann (Associate, Real Estate), Anne Sehrbrock (Associate, Corporate/M&A), Tobias Van Vlodrop (Associate, Corporate/M&A), Julian Funck (Associate, Tax), Sarah Werner (Associate, Antitrust), Raoul Sch√§tzler (Associate, Antitrust), Iris Lahner (Associate, IP), Carolin Wagner (Associate, IT/Data protection), Anne Bremer (Associate, Labour).

Further advisors Sonova Holding AG:

Goldman Sachs International
KMPG
 

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