Bloomberg

(Bloomberg) -- Sonova Holding AG said it agreed to buy AudioNova International B.V. in a deal that values the European hearing-aid retailer at 830 million euros ($954 million), seeking to ramp up its presence in the region.

Sonova will have a sales network of more than 2,580 stores in 12 countries in Europe after the acquisition, the Staefa, Switzerland-based hearing-aid maker said in a statement Wednesday. Sonova will acquire Netherlands-based AudioNova in cash from investment company HAL Investments B.V. following a competitive bidding process, it said on a call with reporters.

Sonova expects the transaction to increase the company’s profitability from next year. The Swiss company expects the transaction to close in the second half of 2016.

To contact the reporter on this story: Johannes Koch in Berlin at jkoch34@bloomberg.net. To contact the editors responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net, Anjali Cordeiro

©2016 Bloomberg L.P.

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