MILAN, ITALY — Amplifon announced that it has secured a €1.35 billion senior loan to support the financing of its proposed acquisition of GN Hearing.
The financing marks the latest step in the proposed transaction, which was first announced in March and would bring GN Hearing’s technology, manufacturing, and audiological product portfolio together with Amplifon’s global hearing care retail network.
The acquisition values GN Hearing at DKK 17.0 billion, or approximately $2.5 billion USD, on a cash-free and debt-free basis. The deal is expected to be settled through a combination of cash and 56 million Amplifon shares.
Financing to Support Cash Component of GN Hearing Deal
The senior loan was arranged with a consortium of international financial institutions led by Goldman Sachs Bank Europe SE and J.P. Morgan SE, which acted as global coordinators. Additional participating banks included Banco BPM, BNP Paribas, CaixaBank, Cassa Depositi e Prestiti, Crédit Agricole Corporate and Investment Bank, Deutsche Bank Luxembourg, HSBC Continental Europe, ING Bank, Intesa Sanpaolo, Mediobanca, and UniCredit. UniCredit will also serve as facility agent.
According to Amplifon, the financing, together with proceeds from the equity offering completed in May, will fund the cash portion of the transaction and related costs.
The loan has a maximum duration of 24 months, including an extension option, and is subject to terms and conditions consistent with comparable transactions.
Transaction Expected to Close by End of 2026
GN Hearing, headquartered in Ballerup, Denmark, develops and markets hearing aids and related audiological solutions through brands including ReSound, Beltone, Interton, Danavox, and Danalogic. The business includes approximately 5,500 employees globally, as well as R&D, manufacturing operations, intellectual property, and Beltone retail network partnerships.
If completed, the transaction would create a more vertically integrated global audiology company, combining GN Hearing’s product development and manufacturing capabilities with Amplifon’s hearing care retail infrastructure.
White & Case served as legal advisor to Amplifon, while Clifford Chance advised the lending banks.
The acquisition is expected to close by the end of 2026, subject to customary closing conditions, regulatory approvals, and completion of the separation of GN’s Hearing business.
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, operates through a network of nearly 10,000 locations in 25 countries and 5 continents. More information about the Group is available at: https://corporate.amplifon.com.
Source: Amplifon
