GN Store Nord has announced that it has ended its pursuit of what it calls a transformational acquisition and merger (M&A)—thought to be Siemens Hearing, although it did not name Siemens in its press release. Siemens AG had been in advanced talks to sell off its 2-billion euro ($2.6 billion) hearing aid division via a sealed bidding process to at least three potential buyers: GN Store Nord, Permira Advisors LLP, and EQT Partners AB.

In the press release issued today, GN stated: “In the constant pursuit to deliver significant shareholder value, GN Store Nord has, in parallel with the execution of its strategy for 2014-2016, evaluated a significant M&A opportunity that had the potential to transform GN. As GN continues to focus on maximizing shareholder value, the M&A project has now been discontinued.” It went on to say, “GN will continue executing on its strategy for 2014-2016 and focus on innovation and growth to leverage its technological leadership position, leading product offering, and unique R&D competencies.”

The Hearing Review reported earlier that, in conversations at the annual EUHA German Congress held this year in Hannover, market analysts were skeptical that any Big 6 company would represent a desirable fit with Siemens’ hearing aid unit. GN is the parent company of ReSound, Beltone, Interton, and Otometrics, as well as Jabra headsets; Siemens is the parent company of Rexton and HearUSA, and is a major supplier of the hearing care network giant Amplifon.

Permira Advisors LLP dropped out of the bidding last Friday (October 31).

GN’s departure from the bidding process now leaves only one remaining (known) firm as the unit’s most likely purchaser:  EQT Partners AB, the huge Stockholm-based private equity firm. If Siemens chooses them as a buyer, it is thought that the deal could be announced tomorrow (November 6) at its Annual Conference.

Siemens could also elect to continue its pursuit of an IPO, as previously announced.