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Sonova Announces the Acquisition of Advanced Bionics Corporation Expanding Its Position as the Leading Provider of Hearing Healthcare Solutions | Business Wire
The Associated Press - November 9, 2009
-----------
Sonova to buy Advanced Bionics for $489M
STAEFA, Switzerland — Swiss hearing aid firm Sonova Holding AG said Monday
it is buying cochlear implant maker Advanced Bionics Corp., based in
California, for $489 million in cash.
Sonova expects the transaction, which is subject to regulatory approval, to
be completed within three months.
"Sonova will offer the most comprehensive and innovative product and service
portfolio covering any customer need for most types of hearing problems,"
Valentin Chapero, Sonova's chief executive, said in a statement.
Privately-held Advanced Bionics was founded in 1993 and is based in
Valencia, Los Angeles County. Its majority shareholder is the biotech
investor Alfred Mann.
The company, which has 660 employees and sales in over 30 countries, has an
18 percent share of the global market in cochlear implants. These electronic
devices are surgically implanted inside the ear to stimulate the auditory
nerves, allowing deaf people to hear sounds.
Sonova spokesman Holger Schimanke said there was little overlap between
Sonova and Advanced Bionics, and consequently there are no plans to
restructure the business.
"Advanced Bionics will continue to operate as an independent unit within the
Sonova Group," Schimanke told The Associated Press. "We aren't talking about
any kind of job cuts, definitely not."
He said Advanced Bionics had developed "a great American technology that
many people consider to be world leading, but it hasn't really taken off."
"We're going to give them the business and sales expertise to do so," said
Schimanke.
Sonova shares rose 2.3 percent to 111.50 Swiss francs ($110.45) on the
Zurich exchange.
The Associated Press - November 9, 2009
-----------
Sonova to buy Advanced Bionics for $489M
STAEFA, Switzerland — Swiss hearing aid firm Sonova Holding AG said Monday
it is buying cochlear implant maker Advanced Bionics Corp., based in
California, for $489 million in cash.
Sonova expects the transaction, which is subject to regulatory approval, to
be completed within three months.
"Sonova will offer the most comprehensive and innovative product and service
portfolio covering any customer need for most types of hearing problems,"
Valentin Chapero, Sonova's chief executive, said in a statement.
Privately-held Advanced Bionics was founded in 1993 and is based in
Valencia, Los Angeles County. Its majority shareholder is the biotech
investor Alfred Mann.
The company, which has 660 employees and sales in over 30 countries, has an
18 percent share of the global market in cochlear implants. These electronic
devices are surgically implanted inside the ear to stimulate the auditory
nerves, allowing deaf people to hear sounds.
Sonova spokesman Holger Schimanke said there was little overlap between
Sonova and Advanced Bionics, and consequently there are no plans to
restructure the business.
"Advanced Bionics will continue to operate as an independent unit within the
Sonova Group," Schimanke told The Associated Press. "We aren't talking about
any kind of job cuts, definitely not."
He said Advanced Bionics had developed "a great American technology that
many people consider to be world leading, but it hasn't really taken off."
"We're going to give them the business and sales expertise to do so," said
Schimanke.
Sonova shares rose 2.3 percent to 111.50 Swiss francs ($110.45) on the
Zurich exchange.