STAEFA, SWITZERLAND — Sonova Holding AG announced yesterday that it has signed an agreement to sell its MiniSom retail hearing care business in Portugal to Amplifon S.p.A. According to the company’s news release, the move is a reflection of the Sonova Group’s strategy to focus on selected key markets. The completion of the sale will be subject to regulatory approval.
Additionally, Sonova announced that it is “engaged in negotiations” regarding the possible sale of its AudioNova retail business in France to Amplifon. The company said with the possible sale of its AudioNova business in France, it will be able to focus more on its existing business in the country, including the retail and professional audiological services network Audition Santé.
Sonova Seeks to Focus Retail Strategy
Sonova made hearing industry history last year when it acquired the large European hearing retailer, AudioNova, for € 830 million ($954 million USD). It was reported to be the largest transaction ever in the hearing aid retail market and placed Sonova-owned retail at approximately the equivalent size as long-term retail leader, Amplifon. Following the acquisition, Sonova’s retail holdings reached approximately 3,300 stores worldwide, with more than 2,500 locations in Europe.
Sonova’s overall retail strategy remains unchanged with professional audiological services representing a crucial pillar of the customer-focused corporate strategy and the Group’s vertically integrated business model.
According to Sonova, the current business of MiniSom in Portugal includes around 75 stores and shop-in-shop locations. Combined with the nearly 55 AudioNova locations in France, the two businesses generated annual sales of over € 25 million (approximately $27 million USD).
The possible sale of the two businesses to Amplifon is not expected to have a material effect on the results of the current fiscal year.