Siemens sells business with hearing aids for EUR 2,15 billion

(Photo: Suzana Obradović)

Siemens sells its solution in the field of audiology to investment company EQT and German entrepreneurial Strungmann family as a co-investor or EUR 2,15 billion , with an option of extra profit in the case it accomplishes targets, Siemens announced.

For very attractive offer of two investors Siemens decided not to continue further preparations to enter the stock market in May.

- During the previous years, Siemens’ department for Medical equipment and solutions poured significant sums into their business of hearing aids. Both EQT with Wallenberg family as the main investor as well as the Strungmann family, have extraordinary reputation and extensive experience in health field. Not only the transaction is excellent from the financial aspect but we are assured that both investors have long-term, clear strategy of growth for further hearing aids business development - Herman Rekardt, Executive Manager of the Medical equipment and solutions and the member of the Managing Board at Siemens AG.

Siemens will stay in hearing aids business with invested EUR 200 m in preferential shares and additional profit from future business successes. Apart from that, Siemens will have a place at the board of buyers’ group. According to agreement terms, new owners will be allowed to continue to use Siemens brand for business in hearing aids business in the mid-term.