Valencia's Advanced Bionics, a leader in developing and producing cochlear implants has agreed to merge with Sonova Holding, a German company that is the world's largest provider of hearing systems. The merger will also partner Advanced Bionics with Phonak, a provider of micro hearing systems. Both companies will remain independent divisions within the Sonova Group.
The purchase consideration is worth $489 million, which will be paid in cash. Subject to regulatory and shareholder approvals, the transaction is expected to be completed within the next three months.
Jeffrey Greiner, CEO of Advanced Bionics, said: "Sonova was attracted to our company for our advanced technology, commitment to our patients and our potential for expansion. Not only will we continue to grow under the leadership of Sonova, but we have taken an enormous step toward ensuring that Advanced Bionics remains the industry's performance leader, now and in the future. We are truly excited by the technological possibilities that this acquisition will offer our candidates and our recipients."