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amplifon AMPLIFON TO ACQUIRE BAY AUDIO IN AUSTRALIA M & A TRANSACTION HIGHLIGHTS : ■ ■ ■ ■ ■ FURTHER STRENGTHENS AMPLIFON'S POSITION IN THE CORE AUSTRALIAN MARKET , BUILDING ANOTHER COMPANY STRONGHOLD A PERFECT FIT WITH AMPLIFON'S PRESENCE IN THE COUNTRY THANKS TO A DISTINCTIVE AND COMPLEMENTARY RETAIL MODEL LEVERAGING ON OVER 100 STORES LOCATED IN HIGH - TRAFFIC PREMIERE SHOPPING MALLS A UNIQUE ASSET WITH HIGH - GROWTH ( > 20 % REVENUE CAGR 2016-2021 ) AND PROFITABLE BUSINESS PROFILE SIGNIFICANT VALUE CREATION AND SYNERGY POTENTIAL THE DEAL WILL BE FINANCED VIA AVAILABLE CASH ■ CLOSING OF THE TRANSACTION IS EXPECTED BY THE END OF 2021 Milan , July 12th , 2021 - Amplifon S.p.A. ( " Amplifon ” or the “ Company ” ; MTA ; Bloomberg ticker : AMP : IM ) , global leader in hearing solutions and services , announces today that it has signed a definitive agreement for the acquisition of Bay Audio Pty Limited ( " Bay Audio " ) from Peter and Anya Hutson , former founders of Bay Audiology in New Zealand , and from other minority shareholders . The cash - out amounts to AUD 550 million ( around Euro 340 million ) , on a cash and debt free basis . Bay Audio , a leading private independent Australian hearing care retailer , operates a network of over 100 points of sale located in high - traffic premiere shopping malls across the East Coast . In the financial year closed on May 31st 2021 , despite the impact of the Covid - 19 pandemic , Bay Audio posted revenues of around AUD 100 million ( around Euro 63 million ) and a Recurring EBITDA of over AUD 30 million ( around Euro 20 million ) ' . Bay Audio recorded an impressive over 20 % revenues CAGR over the period 2016-2021 and we expect the company to further accelerate in 2022. In fact , for the year ending on May 31 st , 2022 revenues , also in light of Covid - 19 pandemic impact in the previous year , are expected to grow in the region of 30 % , together with a slight profitability improvement . The acquisition of Bay Audio represents a key strategic transaction for Amplifon and perfectly fits the Company's growth strategy to further strengthen its position in the core Australian retail market . Amplifon will finance the acquisition with available cash . ENRICO VITA , CEO “ This major acquisition represents another key milestone in the history of our Company and perfectly fits our growth model and M & A strategy . Moreover , this deal will enable us to build another Company stronghold , further strengthening our position in the Australian retail market , the tenth largest in the world . The combination with Bay Audio's complementary and innovative business model , its premium positioning as well as its high - growth and profitable financial profile will allow us to create tremendous new opportunities to drive growth and deliver significant value to all stakeholders . Finally , we look forward to welcoming the management team and all the people of Bay Audio to our organization which , together with our people of Amplifon and Attune , will create a unique platform to offer the highest quality hearing care in Australia " . 1 Not audited financial data . EBITDA amounts to around AUD 34 million . Recurring EBITDA excludes extraordinary incomes primarily related to the impact of Covid - 19 pandemic Note : all financial data in AUD is translated to EUR at EUR / AUD FX of 1.60