German firm, Sennheiser, is selling its consumer electronics division to Swiss company Sonova. This was announced by Sennheiser and the Switzerland-based Sonova Holding AG. Shedding light on the terms of the agreement, Sonova explained that products will continue to be sold under the Sennheiser brand while it keep permanent licensing to the Sennheiser products. This is therefore Sonova’s entry into the consumer headphone segment.
Sonova is best known for its high quality medical audio products like hearing aids and cochlear implants. The company revealed that it made the $241 million (200 million Euro) deal to expand its aging demographic to younger customers, particularly in the wireless in-ear segment. Sonova will now include headphones and soundbars to its hearing care portfolio. With the new-found cooperation with Sennheiser, it will create new touch points. Sonova’s CEO; Arnd Kaldowski while explaining the deal said, “Combining our audiological expertise with Sennheiser’s know-how in sound delivery, their great reputation as well as their high-quality products will allow us to expand our offering and to create important touchpoints with consumers earlier in their hearing journey”
In February of this year, Sennheiser declared that it planned on focusing on the professional business in the future and that it needed a buyer for its consumer business. Sonova turned out to be the buyer that Sennheiser was looking for. In a joint statement by Sennheiser’s brothers and co-CEOs; Andreas and Daniel Sennheiser, they revealed that they couldn’t have asked for a better partner. They mentioned that Sonova was committed to the highest product quality and shared their passion for audio, as well as similar corporate values, expressing that the deal with Sonova “is an excellent foundation for a successful future together”
Sennheiser says that the sale of its consumer division will enable the company to concentrate on its Pro Audio, Business Communication and Neumann divisions. The deal between the companies is still subject to regulatory approval, but Sonova says it expects to close it in the second half of calendar year 2021. Aquisitions of this kind are quite rare to hear of but it sure does seem to make a lot of sense. Sonova is one of the top hearing care companies. Sennheiser on the other hand is known for its professional microphones, headphones, studio and concert products as it is for its consumer headphones and soundbars. The coming together of both companies is only expected to yield impactful results.