19/08/2022 | 07:00 CEST | Group Announcements
Stäfa (Switzerland), August 19, 2022 – Sonova Holding AG, a leading provider of hearing care solutions, today announces the agreement to acquire the HYSOUND Group, one of the leading nationwide chains of audiological care clinics in China. The HYSOUND Group will significantly enlarge Sonova’s store footprint and direct consumer access in this fast-growing market, by adding around 200 clinics in over 20 provinces and more than 70 cities across China.
Arnd Kaldowski, CEO of Sonova, says: “This is another important move to increase our consumer access through our audiological care business, which is one of the key pillars of our strategy. China is by far the largest high-growth market globally, which is particularly attractive due to their aging population. We project that the rapid growth of their middle class will strongly increase today’s very low hearing instrument penetration in the next 5 to 10 years. This acquisition puts Sonova in an excellent position to achieve a large-scale consumer access in China. HYSOUND Group, with its rapidly growing traditional retail business, represents the perfect platform to further accelerate Sonova’s participation in the audiological care segment of China.”
William YingWei Wang, Founder & CEO of HYSOUND Group, says: “Sonova is an exceptionally strong player in the global audiological care retail market. The synergies between Sonova and HYSOUND Group will further strengthen our market leadership in China's high-end audiology services market. We will be able to leverage Sonova’s existing capabilities in omni-channel consumer engagement in China, where we were particularly attracted by its combination of digital engagement with brick-and-mortar clinics. We are delighted to have signed this agreement and look forward to working together with the Sonova team to continue providing superior high-tech products and professional services for Chinese customers.”
Goldman Sachs International acted as financial advisor to Sonova on this transaction.
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