Switzerland's Phonak Group acquires Denmark's GN Resound  

2006.10.03
Swiss hearing aid giant acquires Denmark's GN Store Nord subsidiary GN Resound for DKK 15.5 bn

Switzerland's Phonak Group, which specialises in the development and manufacture of hearing instruments, has entered an agreement with Denmark's GN Store Nord to acquire its subsidiary GN Resound for DKK 15.5 bn (USD 2.6 bn). GN Resound is a global manufacturer of advanced hearing instruments. The agreement also comprises the associated activities in audiologic diagnosis equipment in GN Otometrics as well as those parts of GN Store Nord's shared functions related to GN Resound.

Mogens Hugo Jørgensen, chairman of the board of GN Store Nord comments: "We are very satisfied with the result of the process, and we are convinced that we have found a good home for GN Resound and GN Otometrics. There is a strong match businesswise, culturally and geographically between Phonak's organisation and ours. With this solution and with Phonak's impressive results, we have created a platform from which future growth can be ensured for the benefit of staff and other stakeholders."

Prior to the acquisition Phonak was the world's third largest manufacturer of hearing instruments, but since GN Resound will increase revenues by 73%, Phonak will take the lead as the world's largest manufacturer ahead of Siemens and Denmark's William Demant. The news was reported by national daily newspaper Jyllands-Posten and financial daily newspaper Børsen.

Link > GN Store Nord 

Link > Phonak 

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