Sennheiser sells its consumer audio business to Swiss company Sonova Holding. The German audio manufacturer wants to focus more on the business market and is therefore selling the consumer branch.
At the beginning of this year, Sennheiser already announced that it was looking for a partner for the consumer branch of the company, whereby the sale to another party was not excluded. Sennheiser wants to focus on the three business branches: Pro Audio, Business Communications and Neumann.
On Friday, Sonova and Sennheiser report that they have struck a deal. Sonova will take over the consumer segment, but will continue to release audio products under the Sennheiser license. The deal still needs to be approved by authorities.
Sonova mainly produces audio equipment with a medical application, such as hearing aids and implants. With the purchase of the consumer branch of Sennheiser, Sonova gains a large number of audio products. This branch accounted for 393 million euros in turnover at Sennheiser in 2019, which was 52 percent of the company’s turnover in that year.
The companies have not disclosed how much is involved in the acquisition. The acquisition is expected to be completed before the end of 2021.