MILAN, ITALY — Amplifon is taking another step toward completing its proposed acquisition of GN Hearing, with the company’s Board of Directors moving to call a shareholders’ meeting to approve the issuance of 56 million new Amplifon shares to GN Store Nord as part of the transaction.
The board approved a proposal for a capital increase reserved for GN, which would provide the share-based portion of the consideration for the acquisition. Amplifon said the transaction remains on track to close by the end of 2026, subject to the satisfaction of the applicable closing conditions.
The latest action follows Amplifon’s agreement announced in March to acquire GN Hearing in a transaction valuing the business at DKK 17.0 billion, or approximately $2.5 billion at the time of the announcement.
The deal would bring GN Hearing’s hearing aid technology, R&D, manufacturing operations, and brands—including ReSound, Beltone, Interton, Danavox, and Danalogic—together with Amplifon’s global hearing care retail network.
GN to Receive 56 Million Amplifon Shares
Under the proposed capital increase, Amplifon would issue 56 million new ordinary shares with a nominal value of €0.02 each. The shares would be reserved for GN and used to satisfy the equity portion of the acquisition consideration.
Amplifon’s board has set an issue price of €11.267 per share, based on the company’s net equity and recent share-price performance. According to Amplifon, the price is equal to the weighted average price of its shares during the preceding three months.
Following the capital increase, Amplifon expects its controlling shareholder, Ampliter S.r.l., to own 32.07% of the company’s share capital and 63.69% of voting rights, while GN would hold 17.09% of Amplifon’s share capital and 9.13% of voting rights.
GN’s newly issued shares would be subject to a staggered 15-month lock-up period. Slightly less than one-third would be released nine months after closing, with the remaining shares released in subsequent tranches.
Financing for GN Hearing Acquisition in Place
The share issuance represents one component of the consideration for GN Hearing. Amplifon will also pay €1.69 billion in cash, subject to customary financial adjustments at closing.
In June, Amplifon secured a €1.35 billion senior loan to support the acquisition. The loan has a maximum duration of 24 months and may subsequently be refinanced through a combination of bank and bond financing depending on market conditions.
Amplifon said no additional capital increases related to the acquisition are currently contemplated beyond the proposed issuance to GN and the accelerated bookbuilding transaction completed in May.
GN Representative Proposed for Amplifon Board
The transaction would also give GN representation on Amplifon’s Board of Directors.
GN has designated Scott Davis as its proposed representative. Amplifon’s board plans to ask shareholders to increase the number of directors from nine to 10 and appoint Davis as an additional non-executive independent director, with the appointment becoming effective only if the GN Hearing acquisition closes.
The shareholders’ meeting will also be asked to confirm Francesca Fiore, who joined the board by co-option in May following the resignation of Nicola Bedin.
Deal Remains on Track for 2026 Closing
First announced in March, the acquisition would combine one of the world’s largest hearing care retail networks with one of the industry’s major hearing technology manufacturers. Amplifon and GN previously said the combined organization would have approximately €3.3 billion in revenue, operations spanning more than 100 countries, more than 20,000 employees, over 700 R&D professionals, and a portfolio exceeding 2,800 patents.
GN Hearing employs approximately 5,500 people globally and includes its hearing aid brands, intellectual property, R&D and manufacturing operations, and Beltone retail network partnerships. The transaction would also mark GN’s exit from the hearing aid business as the company shifts its focus to its remaining audio, video, enterprise, and gaming operations.
Amplifon said the acquisition is still expected to close by the end of 2026, subject to the relevant conditions precedent.
About Amplifon
Amplifon, global leader in the hearing care retail market, empowers people to rediscover all the emotions of sound. Amplifon’s around 14,300 employees 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 2.4 billion euros, operates through a network of 9,700 locations in 24 countries and 5 continents. More information about the Group is available at corporate.amplifon.com.
Source: Amplifon
