MILAN, Jan. 9 (Class Editori) - Amplifon acquired a new company in Australia and expanding its presence in the Far East after landing in China in 2018. The company announced to have entered into an agreement to acquire Attune Hearing Pty, the largest independent audiology operator in Australia. The transaction involves a cash-out of approximately 55 million Australian dollars (34 million euros).
Founded in Brisbane by a group of otolaryngologists, Attune has specialized in offering hearing solutions, comprehensive diagnostic services, cochlear implants and other services for over 30 years. The company operates through a distribution network of around 55 stores located in the most populated areas of the country: Queensland, New South Wales, Victoria, South Australia and Western Australia.
The acquisition, Amplifon explained, is aligned with its strategy that aims to further strengthen the company's position in the key Australian market, combining National Hearing Care's retail business with Attune's integrated medical model.
In the year ended June 30, 2019, the company reported revenues of approximately 30 million Australian dollars (equal to approximately 18 million euros). "The acquisition of Attune represents an important opportunity to further consolidate our position in the important Australian market and to significantly strengthen our relationship with the medical community in Australia," commented Enrico Vita, CEO of Amplifon.
"We aim to replicate the successful double brand model we have in New Zealand with Bay Audiology and Dilworth Hearing, and we expect National Hearing Care together with Attune to constitute a unique platform for offering the highest quality of hearing care in Australia" said the manager.
The completion of the transaction is expected by the end of the first quarter of 2020 after the necessary authorizations. Yesterday in Piazza Affari the Amplifon stock gained 0.2% to 25.86 euros.
The entry into China had taken place in November 2018, with the establishment of a JV, 51% of Amplifon, with the joint venture with a primary specialized operator in the Beijing area. The Chinese hearing care market represents a significant opportunity for Amplifon in the medium to long term given the estimated size of the market and the expected growth, the current low penetration, the highly fragmented structure of the market. Moreover, there is a large segment of consumers who seek a high quality service, representing precisely the segment in which Amplifon operates.
The joint venture is called Beijing Cohesion Hearing Science & Technology Co. Ltd., is headquartered in Beijing and operates through 30 stores, mainly located in the Beijing area. The expected turnover in 2019 is around 6 million euros.
"This transaction constitutes an important first step in building a local presence in China, a market that represents a significant opportunity for us, given the estimated size of the market and its growth potential in the near future," Vita explained.
In the Australian market Amplifon has been operating since 2010 thanks to the acquisition of the largest local operator, National Hearing Care, which had also opened the markets of Nuoiva Zealand and India for the Italian group. (All rights reserved)
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