Amplifon SpA has announced a landmark acquisition of GN Store Nord A/S’s hearing-aid business for approximately $2.6 billion (DKK 17 billion). This strategic move is set to create a vertically integrated global leader in audiology, significantly expanding Amplifon’s market presence and capabilities.
The acquisition, described by Amplifon CEO Enrico Vita as “the most transformative acquisition in our 75-year-long history,” will combine Amplifon’s extensive retail network with GN’s technological and manufacturing expertise. The merged entity aims to operate in over 100 countries, solidifying its position in the global hearing-care market. This move could fundamentally alter the competitive landscape, drawing parallels to the strategies of larger industry players.
The deal involves Amplifon paying DKK 12.6 billion in cash and issuing 56 million shares, resulting in GN Store Nord holding approximately 16% of Amplifon’s outstanding share capital post-closing. Analysts anticipate the combined group will generate revenues of around €3.3 billion and an adjusted EBITDA of approximately €830 million, with expected net synergies of €60 million to €80 million by the end of 2029. Integration costs are estimated at €80 million over two to three years.
For GN Store Nord, this divestiture allows them to reduce debt, invest in their remaining audio and video peripherals businesses, and potentially return capital to shareholders. The company will now focus on its enterprise and gaming product divisions.
GN’s Hearing business includes well-known brands such as ReSound and Beltone, along with associated intellectual property, research and development, and manufacturing capabilities. The acquisition is expected to enhance Amplifon’s scale and competitive edge. However, the deal also presents potential risks for other hearing aid manufacturers, such as WS Audiology, Sonova, and Demant, who supply significant volumes to Amplifon and could face a reduction in revenue streams.
The transaction is valued on a cash-free and debt-free basis. Closing is anticipated by the end of 2026, contingent upon obtaining merger control approvals and completing a statutory demerger under Danish corporate law. GN revised its 2026 revenue growth guidance to focus solely on its Enterprise and Gaming divisions and suspended long-term financial targets.