Announcing the acquisition on Friday, Sonova said it would allow the Swiss firm to expand its footprint in China, as HYSOUND has around 200 clinics in 20 Chinese provinces.
“China is by far the largest high-growth market globally, which is particularly attractive due to their aging population. We project that the rapid growth of their middle class will strongly increase today’s very low hearing instrument penetration in the next five to ten years,” said Sonova CEO Arnd Kaldowski.
The HYSOUND Group has around 650 employees and registered a turnover of RMB230 million (CHF32 million, $33.7 million) in calendar year 2021. This represented a double-digit sales growth despite restrictions imposed due to the Covid pandemic.
“We will be able to leverage Sonova’s existing capabilities in omni-channel consumer engagement in China, where we were particularly attracted by its combination of digital engagement with brick-and-mortar clinics,” said HYSOUND CEO William YingWei Wang.
Sonova is expected to close the deal in the second half of the 2022/2023 financial year, subject to regulatory approval.
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