Hearing aid makers Widex and Sivantos delay EU merger application

COPENHAGEN (Reuters) – Danish hearing aid maker Widex and German rival Sivantos have withdrawn their application for the European Commission to approve their planned $8 billion merger, public records show, although Widex said the two remained committed to a deal.

“We have not ended the project and we are still fully committed to closing the transaction when we have gotten all the necessary approvals,” Andrew Arnold, a press officer for unlisted Widex, told Danish online media Medwatch on Tuesday.

“We plan to send a new application to the Commission in the nearest future,” he added, declining to comment further.

The planned merger is aiming at creating an industry number three that would be able to invest more in digital devices and step up the challenge to market leaders Sonova (SOON.S) and William Demant (WDH.CO).

The European Commission’s home page shows the application for the merger, which was announced in May, was withdrawn on Oct. 30.

Sivantos is owned by Swedish private equity firm EQT. Neither of the companies, nor EQT, immediately responded to Reuters’ requests for comments.

Source: Read Full Article