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Media Release Expanding our offering and entering new growth markets - Sonova to acquire Sennheiser Consumer Division sonova HEAR THE WORLD Stäfa ( Switzerland ) , May 7 , 2021 – Sonova Holding AG , a leading provider of hearing solutions , has signed an agreement to acquire the Consumer Division from Sennheiser electronic GmbH & Co. KG ( Sennheiser ) . The Sennheiser Consumer Division , which concentrates on the business of headphones and hearables for private customers , is an excellent fit with Sonova's strategy to lead innovation in hearing experience and to engage consumers early on their hearing journey . The strength of the brand and the well - established complementary distribution network of the Sennheiser Consumer Division represent strong assets to further the strategy of Sonova . The transaction is subject to regulatory approval and expected to close in the second half of calendar year 2021 . Highlights : The deal will allow Sonova to further expand its attractive portfolio of products ; to capture growth opportunities , in particular in the fast - growing market for true wireless headsets and the emerging segment of speech enhanced hearables ; and to further expand its channel presence and customer base Sonova will leverage the combination of its audiological expertise together with the strong Sennheiser brand and competence in delivering a high - quality sound experience The Sennheiser Consumer Division , with currently around 600 employees contributing to this business area worldwide , generates sales of around EUR 250 million annually through a broad online and in - store distribution network Arnd Kaldowski , CEO of Sonova , says : " I am very pleased that Sennheiser has chosen Sonova to further develop the well - renowned Consumer Division . We look forward to welcoming our new colleagues and to building on the combined strengths of both organizations to successfully shape our joint future . The fast growing market for personal audio devices is rapidly evolving . Combining our audiological expertise with Sennheiser's know - how in sound delivery , their great reputation as well as their high - quality products will allow us to expand our offering and to create important touchpoints with consumers earlier in their hearing journey . Combining our market - leading technology with the strong brand and well - established distribution network of Sennheiser creates a strong foundation for future growth . " " We couldn't have asked for a better partner than Sonova for our Consumer Division , " says Daniel Sennheiser , co - CEO at Sennheiser . " Sonova is a strong , well - positioned company . Not only do we share a passion for unique audio experiences , we also share very similar corporate values . This gives us an excellent foundation for a successful future together . " Co - CEO Dr. Andreas Sennheiser adds : " The combination of our strengths provides a very good starting point for future growth . We are convinced that Sonova Holding AG Laubisrütistrasse 28 8712 Stäfa Switzerland Phone +41 58 928 33 33 Fax +41 58 928 33 45 info@sonova.com www.sonova.com 1/3