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Sonova pays cash for implant maker
Source: Agencies |
November 10, 2009, Tuesday
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Print Edition
Print Edition
SWISS hearing aid firm Sonova Holding AG said yesterday it is buying cochlear implant maker Advanced Bionics Corp, based in California, for US$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.
The company 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 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.
The company 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.
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