Sonova to buy US company for $489 million
Swiss hearing-aid firm Sonova has announced that it is buying California-based cochlear-implant maker Advanced Bionics for $489 million (SFr493 million) in cash.
The Swiss company expects the transaction, which is subject to regulatory approval, to be completed within three months.
“Sonova will offer the most comprehensive and innovative product and service portfolio covering any customer need for most types of hearing problems,” said Sonova’s chief executive, Valentin Chapero, in a statement on Monday.
He added that the transaction would be a new source of business growth and would enhance the company’s position as the leading provider of hearing healthcare systems.
Advanced Bionics, which was founded in 1993, has an 18 per cent share of the global market in cochlear implants, said the Sonova statement.
These implants are electronic devices that are surgically implanted inside the ear to stimulate the auditory nerves, allowing deaf people to hear sounds.
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