Bei der Prüfung der Optionen war es von grösster Bedeutung, einen professionellen Ansprechpartner zu finden, der sich dafür einsetzt, die beste lebenslange Betreuung bestehender Kunden und Patienten sicherzustellen. Cochlear hat sich verpflichtet, die gesamte Patientenbasis, einschließlich Cochlea-Implantate (CI) und knochenverankerte Hörsysteme (BAHS), kontinuierlich zu unterstützen. Der Gesamtpreis beträgt DKK 850 Mio.
Vorbehaltlich behördlicher Genehmigungen und anderer üblicher Vollzugsbedingungen wird die Transaktion nach Konsultation der zuständigen Betriebsräte voraussichtlich im zweiten Halbjahr 2022 vollzogen.
Team von Walder Wyss
Das Team von Walder Wyss umfasste Urs P. Gnos (Partner, Corporate/M&A) und Christian Hagen (Managing Associate, Corporate/M&A).
Information von Demant A/S über die Devestition
Die Demant A/S informierte wie folgt über die geplante Devestition:
Demant has negotiated an agreement with the intention to divest its Hearing Implants business, Oticon Me-dical, to Cochlear Limited for a total consideration of DKK 850 million. The transaction follows a review of strategic options for the business area, including how to ensure the best lifelong support of existing patients.
Since the establishment of its Hearing Implants business in 2007, Demant has invested significantly in implantable solutions for the treatment of hearing loss, and the employees of Oticon Medical have worked tirelessly to bring industry-leading technology to thousands of patients, reaching many major milestones along the way. However, Demant has now concluded that the prospect of becoming a global leader in hearing implants is not achievable within a reasonable timeframe without disproportionate levels of investments and significant dilution of the Group’s profitability. In this light, Demant has taken the decision to discontinue its efforts in hearing implants.
As a result, Demant believes it is in the best interest of both patients and the company to divest its Hearing Implants business to Cochlear, which is the global leader in implantable solutions for hearing loss. As part of the transaction, Cochlear has committed to servicing existing patients of Oticon Medical now and in the future.
“Overcoming the challenges of hearing loss – and living with implant technology to alleviate this – is a lifelong journey, and we believe it is best for our patients to continue this journey with Cochlear. We will do everything in our power to ensure minimal implications of the intended divestment for customers and patients as well as the employees of Oticon Medical, who have delivered beyond expectations and are some of the brightest minds in the industry,” says, Søren Nielsen, President & CEO of Demant, and continues:
“Demant remains fully committed to hearing healthcare and audio technology. We will continue to grow and expand in hearing aids, hearing care and diagnostics, where we are uniquely positioned to service users and customers from the first screening, over the first fitting to continued personalised care, and to pursue the strong growth potential in Communications with our EPOS brand.”
Dig Howitt, Cochlear’s CEO & President, adds: “We look forward to welcoming Oticon Medical’s entire base of implant customers and patients to the Cochlear family. Driven by our mission to innovate and deliver a lifetime of hearing outcomes, we will seek to ensure that Oticon Medical’s customers and patients continue to be supported with a lifetime of hearing solutions. We will work closely with Demant to ensure a seamless transition of the business to Cochlear to ensure continued access to current Oticon Medical technology for customers and patients in the coming years. We will develop next-generation sound processors and services that will enable customers to transition to and benefit from Cochlear’s technology platform over time. The acquisition of Oticon Medical will provide us with greater scale and will enable us to increase our investments in R&D and market growth activities.”
The transaction involves the divestment of Demant’s Hearing Implants business area, which comprises its cochlear implants (CI) and bone anchored hearing systems (BAHS) product categories. Of the total consideration of DKK 850 million, DKK 700 million will be paid in cash at closing and DKK 150 million within 18 months after closing.
Subject to regulatory approvals and other customary closing conditions, the transaction is expected to close in H2 2022, following consultation of relevant workers’ councils.
In 2021, Hearing Implants realised revenue of DKK 512 million and EBIT of DKK -117 million, and the business area thus had a dilutive impact on the Group’s EBIT margin of 1.2 percentage points
