Amplifon S.p.A. (MTA; Bloomberg ticker: AMP:IM), a hearing solutions and services company, announced that it has signed a definitive agreement for the acquisition of Attune Hearing Pty Ltd (“Attune”), reportedly Australia’s “largest independent hearing healthcare player.”
Founded in Brisbane by a group of ENT specialists more than 30 years ago, Attune is said to be a full-service audiology company specialized in hearing solutions, comprehensive diagnostic services, cochlear implants, and other services. Attune operates a distribution network of around 55 points of sale across the most populated areas of the country: Queensland, New South Wales, Victoria, South Australia, and Western Australia.
The transaction, which calls for a cash-out of around 55 million Australian dollars (around 34 million euro, about $37.7 million USD), “fits Amplifon’s strategy aimed at further strengthening the Company’s position in the core Australian market, complementing National Hearing Care retail business with Attune’s integrated medical model,” according to the announcement. In the fiscal year ended on June 30th, 2019, Attune generated revenues for around 30 million Australian dollars (around 18 million euro, about $20.6 million USD).
“The acquisition of Attune represents an important opportunity to further consolidate our positioning in the core Australian market and to significantly strengthen our relations with the medical community in Australia,” said Enrico Vita, Amplifon’s Chief Executive Officer. “We plan to replicate the successful dual-brand model we have in New Zealand with Bay Audiology and Dilworth Hearing, and expect National Hearing Care and Attune to be a unique platform to offer the highest quality hearing care in Australia.”
The transaction is currently expected to be completed by the end of Q1 2020 after obtaining the required regulatory approval.
Source: Amplifon S.p.A.