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Investments and divestments

In the 2016/ 17 financial year, the Group entered into several business combinations. The companies acquired/ divested are in the business of producing and distributing hearing instruments.

On September 14, 2016 Sonova Holding AG completed the acquisition of AudioNova International B.V., a Rotterdam (Netherlands) based hearing aid retailer, following regulatory approvals. The company is one of Europe’s leading hearing aid retailers and service providers. AudioNova employs around 2,750 staff (including 1,600 acousticians) across eight countries. In the calendar year 2015 sales were approx. EUR 360 million (CHF 395 million).

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On January 16, 2017, Sonova Holding AG announced that Sonova is engaged in negotiations regarding a potential sale of AudioNova retail business in France. In February 2017 all necessary regulatory approvals were obtained and the transaction has been closed on March 1, 2017.

Furthermore on January 16, 2017 Sonova also announced that it has signed an agreement to sell its MiniSom retail business in Portugal. In March 2017 all necessary regulatory approval were obtained and the transaction will be closed on April 1, 2017.

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Further in the reporting period the Group divested a minor Group company in the Americas region. These three transactions have no material impact on the financial statements.

The effect of the acquisitions and divestments for the 2016/ 17 financial year is disclosed in Note 28 of the Sonova Annual Report 2016/17.

For significant acquisitions in the current financial year, plese refer to the press releases published.