Amplifon agreed on 16 March to acquire GN Store Nord's entire hearing business, including the ReSound and Beltone brands, in a cash-and-share deal valuing it at about €2.3bn.
Why Amplifon S.p.A. is buying GN Hearing (GN Store Nord)
Amplifon said the deal would create a vertically integrated global leader in audiology by joining GN Hearing's product development and manufacturing with its own retail network. It expects €60m to €80m of run-rate net EBITDA synergies by the end of 2029, mainly from moving its own hearing-aid volumes in-house, and said the transaction would be accretive to growth, margins and earnings.
“Today marks a turning point for Amplifon.”
Deal terms and financing
GN will receive €1.69bn in cash and 56m new Amplifon shares, giving it about 16% of Amplifon and the right to propose a board member. The cash is covered by a bridge loan that Amplifon plans to refinance with debt and equity. Pro forma net debt is expected at about 3.0 times adjusted EBITDA at closing.
Regulatory approvals and timing
Completion requires regulatory approvals and the carve-out of GN Hearing from the GN group. In September Amplifon's board called a shareholder meeting to approve issuing the 56m shares to GN at €11.267 each and said the deal remained on track to close by the end of 2026, according to Hearing Health Matters.
Market context
The combined group would have about €3.3bn of revenue, around €830m of pro forma adjusted EBITDA and more than 20,000 employees in over 100 countries.
