- Published on 07 May 2021
In a move to boost earnings and expand in the wireless headphones segment, the Swiss hearing device group Sonova, parent of Phonak, is buying the consumer wing of the German headphone and hi-fidelity company, Sennheiser.
Making the announcement on Friday, May 7, from its HQ in Stäfa, Switzerland, Sonova Holding AG underlined the strong asset the acquisition will represent, calling it “an excellent fit” with the group’s strategy of innovation in hearing experience. The transaction is subject to regulatory approval and expected to close in the second half of 2021.
The Sennheiser Consumer Division currently has around 600 employees worldwide, generating sales of around €250m annually through equipment sales and distribution online and in-store. Founded in 1945, the firm has become a beacon for audiophile interest in its listening and sound production equipment, and gone on to hold significant turnover shares in premium headphones (64%), enhanced hearing product (18%), and soundbars (4%). Its headphones feature perennially in best product lists. Sennheiser's true wireless product is of particular interest in the deal, points out Sonova.
Arnd Kaldowski, CEO of Sonova, says: “I am very pleased that Sennheiser has chosen Sonova to further develop the well-renowned Consumer Division. We look forward to welcoming our new colleagues and to building on the combined strengths of both organizations to successfully shape our joint future. The fast-growing market for personal audio devices is rapidly evolving. Combining our audiological expertise with Sennheiser’s know-how in sound delivery, their great reputation as well as their high-quality products will allow us to expand our offering and to create important touchpoints with consumers earlier in their hearing journey. Combining our market-leading technology with the strong brand and well-established distribution network of Sennheiser creates a strong foundation for future growth.”
The Sennheiser brand will not disappear from the consumer panorama. Hailing the deal as “an excellent foundation for a successful future together,” Sennheiser co-CEO Daniel Sennheiser said: "Sonova is a strong, well-positioned company. Not only do we share a passion for unique audio experiences, we also share very similar corporate values.