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Investments and divestments
In the financial year 2017/18, the Group acquired several small companies in Europe, North America and Asia/Pacific. Furthermore, the Group divested two smaller companies in Europe as well as one company in the US. All of these companies acquired /divested are in the business of producing and/or distributing and servicing hearing instruments. Due to the size of these transactions, they had no material impact on the financial statements. The most significant of the businesses acquired related to the acquisition of the "Hörgeräte ISMA GmbH & Co. KG", a German retail company with 56 points of sale and 190 employees.
On March 30, 2018, Sonova Holding AG signed an agreement to divest Ear Professional International Corporation ("EPIC"), representing the Group's US insurance subcontracting business for hearing aids. Further in the 2017/18 reporting period, the Group divested two minor group companies in the EMEA region.
The effect of the acquisitions and divestments for the 2017/ 18 financial year is disclosed in Note 27 of the Sonova Annual Report 2017/18.
For significant acquisitions in the current financial year, plese refer to the press releases published.