(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.
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