Amplifon S.p.A., global leader in hearing solutions and services, announced today that it has signed a definitive agreement for the acquisition of GAES Group from the Gassó family and from other minority shareholders.
GAES is the largest privately-owned specialty hearing care retailer worldwide, with a leadership positioning in Spain, the tenth largest hearing aid retail market in the world. The company is also present in Portugal as well as in different Latin American countries. GAES operates a network of around 600 points of sale, of which around 500 are in Spain.
The acquisition of GAES represents a key strategic transaction for Amplifon and supports the Company's growth strategy to consolidate its market position in core markets. In addition, the combination, which will also allow for a greater diversification of Amplifon's business, is expected to generate significant synergies.
Amplifon will finance the acquisition with a new bank financing fully underwritten by UniCredit S.p.A. Alfredo De Falco, head of Corporate & Investment Banking Italy at UniCredit said: "Our role in supporting this landmark acquisition is a great example of our strategy to remain extremely close to our clients as they evolve. For several years we have supported Amplifon with a wide range of financial solutions and it was natural to stand alongside the company for its international expansion, providing both our expertise and the necessary financial support for Amplifon's next phase of growth. This transaction further strengthens our position as a reference bank for corporate customers in our core countries".