GSK Stockmann’s Luxembourg office advised EQT pertaining to the merger of the two leading hearing aid companies. With a comprehensive, multi-channel sales and distribution platform in more than 125 markets and combined revenues of approximately EUR 1.6 billion the new hearing aid company will become a top-three contender globally.
EQT funds, owners of Sivantos Pte. Ltd. and the Tøpholm and Westermann families, owners of Widex A/S, announced that they have agreed terms to merge the two companies. It is a strategic merger of equals and will create a global hearing aid leader with combined revenues of approximately EUR 1.6 billion and more than 10,000 employees worldwide.
The transaction values the new company at an enterprise value of more than EUR 7 billion and is subject to regulatory approvals and other customary closing conditions. The combined entity will be owned by EQT funds, including co-investors, as well as the Tøpholm and Westermann families of Denmark.
GSK Stockmann (Luxembourg) advised EQT as to Luxembourg law with view to the creation of the merger structure, drafting of transaction agreements, assistance with view to the financing arrangements and by providing overall Luxembourg corporate law advice.