GENEVA, Aug. 19 (Xinhua) -- Swiss hearing aid provider Sonova Holding AG on Friday announced an agreement to acquire Chinese hearing care clinic chain HYSOUND Group in an effort to expand its footprint in China.
Sonova said in a statement that the acquisition would significantly enlarge its direct consumer access in the fast-growing Chinese market, as HYSOUND has around 200 clinics in more than 70 cities across China.
The transaction is expected to close in the second half of the 2022/2023 financial year, subject to regulatory approval, according to the statement.
Sonova CEO Arnd Kaldowski said "China is by far the largest high-growth market globally. We project that the rapid growth of their middle class will strongly increase today's very low hearing instrument penetration in the next 5 to 10 years."
HYSOUND Group CEO Wang Yingwei said the acquisition would further strengthen the group's market leadership in China's high-end audiology services market.
Headquartered in Stafa, Switzerland, Sonova is one of the world's largest providers of hearing care devices and solutions. ■