Sonova Holding AG, the world's biggest hearing solutions provider by sales revenue, acquired Hysound Group, a major audiological care clinic chain in China, thereby enlarging its store number and direct consumer access in the country, the company said in a statement.
Empowered by this step, the Switzerland-based company will be able to add around 200 clinics in over 20 provincial-level markets, including 70 cities across China.
With over 650 employees, Hysound Group generated 230 million yuan ($33.71 million) of sales revenue in 2021, representing a double-digit sales growth, despite challenges caused by the COVID-19 pandemic, said Sonova's statement released last week.
The transaction is expected to close in the second half of Sonova's 2022/2023 fiscal year, subject to regulatory approval, according to the statement.
"This is another important move to increase our consumer access through our audiological care business, which is one of the key pillars of our strategy. China is by far the largest high-growth market globally, which is particularly attractive due to their aging population," said Arnd Kaldowski, CEO of Sonova.