Amplifon, new dimension: takes over GN hearing for EUR 2.3 billion
Vertical integration deal with Danish hearing solutions manufacturer - Italia group will pay 1.69 billion in cash for 56 million shares
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Amplifon lands the largest transformational acquisition in its history, creating a $3.3 billion, vertically integrated global player in audiology. It does so by acquiring Gn Hearing, a Danish company that manufactures and markets a comprehensive portfolio of hearing solutions globally, thus moving upstream from its historical core business. The transaction values Gn Hearing at approximately EUR 2.3 billion: at closing, the GN holding company will receive EUR 1.69 billion in cash (guaranteed by a bridge loan) and 56 million Amplifon shares (making GN the second largest shareholder in Amplifon after Ampliter, with a 16% stake). Based on the 2025 results, the new group will have aggregate revenues of about EUR 3.3 billion and an aggregate pro-forma adjusted Ebitda of about EUR 830 million, with a margin of about 25 per cent.
"This is a watershed moment for Amplifon - explains CEO Enrico Vita -. The goal is to radically change the future of the hearing care industry globally, creating significant long-term value for all stakeholders. We will create a vertically integrated global leader in audiology, with a presence in more than 100 countries, excellent industrial capabilities and an unrivalled sales network".
At closing (expected by the end of the year) the pro-forma leverage (net financial position/adjusted EBITDA) will be about 3x (excluding net synergies). A capital increase up to a maximum of EUR 750 million is also planned. On hearing the news of the transaction, Amplifon's share price lost over 7%, dropping below EUR 10: the value of the shares has practically halved in the last twelve months.
In the year ended 31 December 2025, GN Hearing generated revenues of DKK 7.2bn (approx. EUR 1bn) and pro-forma adjusted carve-out (i.e. with the demerger of Gn Hearing from GN) Ebitda of DKK 1.6bn (approx. EUR 220m), with a margin on revenues of around 23%. GN Hearing has a very diversified revenue profile globally: America 49%, Europe 28% and Rest of the World 23%.
Ebitda synergies are expected to be in the range of EUR 60-80 million by the end of 2029, mainly resulting from the internationalisation (insourcing) of Amplifon's hearing aid volumes. Non-recurring costs related to the integration are expected in the range of EUR 80 million to be incurred in the next 2-3 years after closing.
