06/01/2010 | 07:00 CET | Group Announcements
Sonova acquires InSound Medical Inc. and adds a revolutionary new hearing system to its portfolio
Sonova Holding AG, the world’s leading provider of hearing systems, announced today that it has successfully completed its acquisition of InSound Medical Inc., Newark, USA. InSound Medical developed the first extended wear hearing system which is placed deep in the ear canal and totally invisible from the outside, and markets it under the Lyric® brand. The total transaction price is made up of two components: an up-front cash consideration of USD 75 million and earn-out payments which depend on the company’s financial success going forward. The regulatory approvals needed for the transaction have been obtained.