The acquisition aims to create a vertically integrated audiology company by combining GN’s manufacturing and R&D with Amplifon’s global retail network.
Amplifon SpA announced it has signed a definitive agreement to acquire GN Hearing, the hearing division of GN Store Nord A/S, in a cash-and-stock transaction valued at approximately €2.3 billion, which is equivalent to $2.6 billion. The deal, expected to close by the end of 2026, will create a vertically integrated company combining hearing aid manufacturing with a global retail and service network.
Under the terms of the agreement, which has been approved by each company’s board of directors, GN will receive €1.69 billion in cash and 56 million Amplifon shares. The transaction will make GN Store Nord the second-largest shareholder in Amplifon, holding an approximate 16% stake.
The combined entity will have revenues of approximately €3.3 billion, more than 20,000 employees, and operations in over 100 countries. According to the announcement, Amplifon will preserve and enhance GN Hearing’s brand identity and capabilities.
Leadership Commentary on the Acquisition
“Today marks a turning point for Amplifon. We are announcing the most transformative acquisition in our 75-year-long history, that will fundamentally change the future of the hearing care industry worldwide and create significant and long-term value for all our stakeholders,” says Enrico Vita, Amplifon CEO, in a release. “By bringing together two highly complementary organizations, we will unlock significant value for shareholders also thanks to material synergies, create new opportunities for employees, and deliver more advanced solutions to customers, hearing care professionals and patients worldwide.”
“We are today acting on an opportunity to create a global leader in hearing care together with Amplifon. Together we are well positioned to develop into an industry leader, driving further innovation and benefits to our industry,” says Peter Karlströmer, GN Group CEO, in a release. “For GN, this also creates an opportunity to strengthen our position in the large and attractive audio and video peripherals markets.”
Financial Projections
Based on fiscal year 2025 results, the new group will have a pro-forma combined adjusted EBITDA of approximately €830 million, including run-rate net synergies.
Amplifon expects the combination to generate net EBITDA synergies of €60-80 million by the end of 2029. These synergies are anticipated to be driven primarily by the insourcing of Amplifon’s hearing aid volumes.
The transaction is subject to customary closing conditions, including regulatory and antitrust approvals, as well as the completion of the carve-out of GN Hearing from the broader GN Group.
