GN Store Nord A/S announced that it has entered into a definitive agreement to sell its Hearing business to Amplifon S.p.A., a global hearing care retailer. The transaction values the Hearing business at DKK 17.0 billion (~$2.5 billion USD)1 on a cash-free and debt-free basis.
The deal will be settled with DKK 12.6 billion (~$1.85 billion USD)2 in cash and 56 million shares in Amplifon. The transaction remains subject to customary regulatory approvals and the completion of the separation of GN’s Hearing business and is expected to close by the end of 2026.
The companies said the transaction would combine GN’s hearing technology capabilities with Amplifon’s global hearing care retail network, creating a vertically integrated player in audiology.
Amplifon described the acquisition as a strategic move to meet growing global demand for advanced hearing care and hearing technology, while expanding the combined company’s ability to deliver integrated solutions for hearing care professionals and patients.
Strategic Rationale
According to the two companies, the transaction would unite GN Hearing’s product development, manufacturing, and audiological technology capabilities with Amplifon’s clinical and retail infrastructure. The combined organization would aim to offer more comprehensive solutions across the hearing care value chain, from device development to patient care and distribution.
Amplifon said the combined company would generate approximately €3.3 billion in revenue (~$3.6 billion USD), with operations in more than 100 countries. The new group would also include more than 20,000 employees, over 700 R&D professionals, and more than 2,800 patents, giving it significant scale across both hearing technology and retail care.
Amplifon also said it expects the transaction to generate €60–80 million (~$65–87 million USD) in run-rate net EBITDA synergies by the end of 2029, primarily through the insourcing of hearing aid volumes, with additional upside potential from other efficiencies. Based on 2025 results, the combined group is expected to generate approximately €830 million (~$900 million USD) in adjusted EBITDA.
Following completion of the transaction, GN intends to focus entirely on the audio and video peripherals markets, including enterprise collaboration and gaming products. The company said it will emphasize technology leadership in sound processing and low-power edge AI.
GN indicated that the proceeds from the sale will allow it to reduce debt, invest in the remaining business, and potentially return capital to shareholders in accordance with its dividend policy.
Leadership Commentary
“We are excited to transform GN into a pure technology company. We have unique positions and capabilities making us well positioned to further grow in the large audio and video peripherals market in a focused way,” said GN Store Nord Chair Jukka Pekka Pertola.
“While we will miss all of our great employees in Hearing, we are proud that we, together with Amplifon, will create an industry leading player in global audiology. We are convinced that the transaction and steps ahead will be beneficial to our customers, employees and investors.”
“We are today acting on an opportunity to create a global leader in audiology together with Amplifon. The new company has every chance to develop into an industry leader driving further innovation and success in hearing care. For GN, this also creates an opportunity to further strengthen our position in the large and attractive audio and video peripherals markets. We have unique brands, talents, and capabilities and a rich set of opportunities. We have in the last few years strengthened GN significantly financially and operationally. As we open up this new chapter, we are focused on driving success as an innovative technology company with global reach and scale. This is very exciting for GN’s customers, employees, and investors.”
—Peter Karlströmer, GN Store Nord CEO
“Today marks a turning point for Amplifon. We are announcing the most transformative acquisition in our 75-year-long history, that will fundamentally change the future of the hearing care industry worldwide and create significant and long-term value for all our stakeholders,” said Amplifon CEO Enrico Vita.
“With combined revenues of approximately €3.3 billion, a presence in more than 100 countries, a cutting-edge R&D platform, leading manufacturing capabilities, and an unparalleled commercial network, we will be forming a truly global vertically integrated leader in audiology. Importantly, Amplifon will continue to preserve and enhance Hearing’s unique identity, heritage, and strengths, recognizing its brand value, culture, and distinct capabilities as key contributors to the future success of the combined organization. We look forward to working closely with the exceptional team at Hearing to improve hearing health for millions of people globally.”
GN Hearing Business Overview
GN Hearing, headquartered in Ballerup, Denmark, develops, manufactures, and markets hearing aids and related audiological services globally. Its portfolio includes brands such as ReSound, Beltone, Interton, Danavox, and Danalogic, while Jabra is also used in selected OTC and prescription hearing solutions.
Amplifon described GN Hearing as a technology-driven manufacturer with vertically integrated operations and a significant in-house innovation base. The company operates manufacturing facilities in Denmark, China, Malaysia, and the United States, including a recently opened site in the U.S.
In fiscal 2025, GN’s Hearing business generated revenue of DKK 7,214 million (~$1.05B USD) and reported pro-forma EBITDA of DKK 1,185 million (~$173M USD)6.
Transaction Overview
- Transaction Value: DKK 17.0 billion (~$2.5B USD)3
- Cash Component: DKK 12.6 billion (~$1.85B USD)4
- Share Component: 56 million Amplifon shares
- GN Ownership: Approximately 16% of Amplifon’s outstanding share capital following completion5
The acquisition includes GN’s entire Hearing business, comprising approximately 5,500 employees globally and brands including ReSound and Beltone, along with intellectual property, research and development, manufacturing operations, and Beltone retail network partnerships.
The transaction excludes GN’s financial investment in Nations Benefits LLC.
At closing, GN and Ampliter S.r.l., Amplifon’s controlling shareholder, are expected to enter into a shareholders’ agreement giving GN the right to propose a representative for appointment to Amplifon’s Board of Directors, subject to customary transfer restrictions and lock-up undertakings.
Carve-Out and Closing Process
Prior to completion of the transaction, the Hearing business will be separated from GN through a carve-out process, including a statutory demerger under the Danish Companies Act.
GN will provide certain transitional services after closing to support the separation and integration process.
The transaction is subject to customary regulatory approvals and completion of the business separation. The companies expect closing to occur by the end of 2026.
Financial Guidance
Following the announcement, GN stated that the Hearing division will be classified as discontinued operations.
The company’s 2026 financial guidance now reflects only the Enterprise and Gaming segments.
- Organic Revenue Growth Guidance (2026): 2% to 8%
- Enterprise: 0% to 6%
- Gaming: 7% to 13%
GN noted that the transaction will result in one-off costs related to the separation and transaction process that will impact EBITA in 2026. Amplifon, meanwhile, said it expects one-off integration costs of approximately €80 million (~$87M USD) over the two to three years following closing.
Advisors
J.P. Morgan Securities plc is acting as exclusive financial advisor to GN. Legal advisors include Gorrissen Federspiel Advokatpartnerselskab and Gianni & Origoni. PricewaterhouseCoopers provided due diligence services.
Amplifon was advised by Goldman Sachs Bank Europe SE, Succursale Italia as sole financial advisor, PedersoliGattai as lead legal advisor, and E&Y for due diligence. In the bridge financing transaction, White & Case acted as legal advisor to Amplifon, and Clifford Chance acted as legal advisor to the bank.
About GN
GN brings people closer through our leading intelligent hearing, audio, video, and gaming solutions. Inspired by people and driven by innovation, we deliver technologies that enhance the senses of hearing and sight. We help people with hearing loss overcome real-life challenges, improve communication and collaboration for businesses, and provide great experiences for audio and gaming enthusiasts. GN was founded more than 150 years ago with a vision to connect the world. Today, inspired by our strong heritage, GN touches more lives than ever with our unique expertise and the broadest portfolio of products and services in our history – bringing people closer to what is important to them.
We market our solutions with the brands Jabra, ReSound, SteelSeries, Beltone, Interton, BlueParrott, Danavox, and FalCom in 100 countries. Founded in 1869, GN Group employs more than 7,500 people and is listed on Nasdaq Copenhagen (GN.CO).
About Amplifon
Amplifon, global leader in the hearing care retail market, empowers people to rediscover all the emotions of sound. Amplifon’s around 20,600 people worldwide strive every day to understand the unique needs of every customer, delivering exclusive, innovative and highly personalized products and services, to ensure everyone the very best solution and outstanding experience. The Group, with annual revenues of around 2.4 billion euros (~$2.6B USD), operates through a network of around 10,000 locations in 25 Countries and 5 continents. More information about the Group is available at: https://corporate.amplifon.com.
1 Share component value based on €10.52 per Amplifon share as of 13 March 2026
2 Cash component of EUR 1,690m converted to DKK
3 Share component value based on €10.52 per Amplifon share as of 13 March 2026
4 Cash component of EUR 1,690m converted to DKK
5 Assumes Amplifon completes up to EUR 0.75bn equity raise
6 EBITDA includes group cost allocations and certain carve-out costs and adjustments
Source: GN, Amplifon
