Amplifon Agrees to Buy GN Hearing in €2.3 Billion Cash-and-Stock Deal

Amplifon, the hearing care retailer, has agreed to acquire GN Hearing, the hearing aid division of Denmark's GN Store Nord, in a cash-and-stock transaction valued at about €2.3 billion, or about $2.6 billion, the companies said on Monday, March 16, as reported by The Hearing Review.

GN's own regulatory announcement, read via Inderes, values the hearing business at DKK 17.0 billion on a cash-free and debt-free basis, to be settled with DKK 12.6 billion in cash and 56 million Amplifon shares. In euros, GN will receive €1.69 billion in cash plus the shares, which would make it Amplifon's second-largest shareholder with about 16% of the company, The Hearing Review reported.

Retailer meets manufacturer

Amplifon sells hearing aids made by other companies, with most of its devices "dispensed under the Amplifon or Miracle Ear brands," and has traditionally avoided manufacturing them, HearingTracker reported. GN Hearing makes ReSound, Jabra Enhance and Beltone hearing aids and is one of Amplifon's major external suppliers, the publication said.

The combined company would have revenue of about €3.3 billion, more than 20,000 employees and operations in more than 100 countries, according to the announcement. Amplifon said it expects €60 million to €80 million in net EBITDA synergies by the end of 2029, driven primarily by insourcing the hearing aid volumes it now buys from outside manufacturers.

"Today marks a turning point for Amplifon. We are announcing the most transformative acquisition in our 75-year-long history," Amplifon chief executive Enrico Vita said.

Amplifon plans to pay the cash portion with a bridge loan, which it intends to refinance with debt and equity or equity-linked instruments, HearingTracker reported. Amplifon said it intends to preserve GN Hearing's brands and core capabilities.

What GN keeps

After the sale GN will focus on audio and video peripherals, the company said. Because the proceeds exceed GN's net interest-bearing debt, it expects to use them to significantly reduce debt, invest in the remaining business and return capital to shareholders.

"We are excited to transform GN into a pure technology company," GN chair Jukka Pekka Pertola said in the announcement.

The transaction has been approved by both boards and is subject to customary regulatory and antitrust approvals and the completion of the hearing business's separation from GN. It is expected to complete by the end of 2026.