Business
GN Store Nord A/S enters into agreement to sell its Hearing business to Amplifon S.p.A. for DKK 17.0 billion
Today, GN Store Nord A/S (“GN”) has entered into a definitive agreement for the sale of GN’s Hearing business to Amplifon S.p.A. (“Amplifon”), a leading global hearing care retailer. The transaction values the Hearing business at DKK 17.0 billion1 on a cash-free and debt-free basis and will be settled with DKK 12.6 billion2 in cash and 56 million shares in Amplifon. The transaction is subject to customary regulatory approvals and completion of the Hearing business separation from GN and is expec
About this update from Gn Store Nord A/s
[{"type":"image","alt":"GN Store Nord A/S","displaySize":"","headline":null,"caption":"GN Store Nord A/S","className":"","disableSlideshowImg":false,"size":{"original":{"width":100,"height":48,"url":"https://media.zenfs.com/en/globenewswire.com/5c99597fd48a1c8a08d4674e3915d005"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/R47U6DYdQxkYg9_e2LKAbg--/YXBwaWQ9aGlnaGxhbmRlcjt3PTExMDtoPTUzO2NmPXdlYnA-/https://media.zenfs.com/en/globenewswire.com/5c99597fd48a1c8a08d4674e3915d005","width":100,"height":48}},"lazy":false},{"type":"text","content":"Today, GN Store Nord A/S (“GN”) has entered into a definitive agreement for the sale of GN’s Hearing business to Amplifon S.p.A. (“Amplifon”), a leading global hearing care retailer. The transaction values the Hearing business at DKK 17.0 billion1 on a cash-free and debt-free basis and will be settled with DKK 12.6 billion2 in cash and 56 million shares in Amplifon. The transaction is subject to customary regulatory approvals and completion of the Hearing business separation from GN and is expected to complete by the end of 2026.","length":535,"tagName":"p"},{"type":"text","content":"Amplifon and GN will together create a global integrated leader in audiology combining hearing technology leadership with high-quality, innovative hearing care to offer comprehensive solutions to both audiology professionals and patients. The combination will create the industry leader in hearing care solutions and services worldwide with benefits to audiologists, consumers, and investors.","length":392,"tagName":"p"},{"type":"text","content":"Following the transaction, GN will fully focus to drive success in the large and attractive audio and video peripherals markets. GN is well positioned with leading brands, premium product differentiation, and technology leadership in sound processing and low-power edge AI. Financially, GN will drive margin expansion supported by the product differentiation and its scalable and agile operations setup, while the asset-light business model will support healthy cash flows.","length":473,"tagName":"p"},{"type":"text","content":"As the proceeds from the transaction is larger than GN’s net interest-bearing debt, GN expects to use the proceeds to 1) significantly reduce debt, 2) invest in the ongoing business to support sustainable and profitable growth as well as 3) returning capital to shareholders, su...