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GN Store Nord A/S (GN) has entered into a definitive agreement for the sale of GN’s Hearing business to Amplifon S.p.A. (Amplifon), a leading global hearing care retailer. The transaction values the Hearing business at DKK 17.0 billion on a cash-free and debt-free basis and will be settled with DKK 12.6 billion in cash and 56 million shares in Amplifon. The transaction is subject to customary regulatory approvals and completion of the Hearing business separation from GN and is expected to complete by the end of 2026.
Amplifon and GN will together create a global integrated leader in audiology combining hearing technology leadership with high-quality, innovative hearing care to offer comprehensive solutions to both audiology professionals and patients. The combination will create the industry leader in hearing care solutions and services worldwide with benefits to audiologists, consumers, and investors.
Following the transaction, GN will fully focus to drive success in the large and attractive audio and video peripherals markets. GN is well positioned with leading brands, premium product differentiation, and technology leadership in sound processing and low-power edge AI. Financially, GN will drive margin expansion supported by the product differentiation and its scalable and agile operations setup, while the asset-light business model will support healthy cash flows.
As the proceeds from the transaction is larger than GN’s net interest-bearing debt, GN expects to use the proceeds to 1) significantly reduce debt, 2) invest in the ongoing business to support sustainable and profitable growth as well as 3) returning capital to shareholders, subject to applicable law and in line with the dividend policy.
GN Store Nord Chair Jukka Pekka Pertola said: “We are excited to transform GN into a pure technology company. We have unique positions and capabilities making us well positioned to further grow in the large audio and video peripherals market in a focused way. While we will miss all of our great employees in Hearing, we are proud that we, together with Amplifon, will create an industry leading player in global audiology. We are convinced that the transaction and steps ahead will be beneficial to our customers, employees and investors.”
GN Store Nord CEO Peter Karlströmer said: “We are today acting on an opportunity to create a global leader in audiology together with Amplifon. The new company has every chance to develop into an industry leader driving further innovation and success in hearing care. For GN, this also creates an opportunity to further strengthen our position in the large and attractive audio and video peripherals markets. We have unique brands, talents, and capabilities and a rich set of opportunities. We have in the last few years strengthened GN significantly financially and operationally. As we open up this new chapter, we are focused on driving success as an innovative technology company with global reach and scale. This is very exciting for GN’s customers, employees, and investors.”
Amplifon CEO Enrico Vita said: “Today marks a turning point for Amplifon. We are announcing the most transformative acquisition in our 75-year-long history, that will fundamentally change the future of the hearing care industry worldwide and create significant and long-term value for all our stakeholders. With combined revenues of approximately €3.3 billion, a presence in more than 100 countries, a cutting-edge R&D platform, leading manufacturing capabilities, and an unparalleled commercial network, we will be forming a truly global vertically integrated leader in audiology. Importantly, Amplifon will continue to preserve and enhance Hearing’s unique identity, heritage, and strengths, recognizing its brand value, culture, and distinct capabilities as key contributors to the future success of the combined organization. We look forward to working closely with the exceptional team at Hearing to improve hearing health for millions of people globally”
Over the past years, GN has significantly strengthened its strategic focus and execution capabilities across the group, supported by substantial investments in innovation, technology, and its supply chain. These efforts have created a solid foundation for sustainable and profitable growth. During this period, the board and executive management received several unsolicited expressions of interest, including from Amplifon, and subsequently engaged in exploratory discussions. One of these led to Amplifon making a financially and strategically compelling proposal with a high degree of deal certainty. After extensive deliberation and a thorough evaluation process, the Board and Executive Management unanimously decided to pursue and accept the proposal from Amplifon.
Transaction highlights:
• Consideration: DKK 17.0 billion3 on a cash-free and debt-free basis, comprised of DKK 12.64 billion in cash (subject to customary true up closing mechanism adjustments) and 56 million shares in Amplifon, allowing GN to retain upside to the strong strategic value proposition of the transaction. Once the transaction closes, GN will hold approximately 16%5 of the current outstanding share capital in Amplifon, subject to customary lock-up
• Hearing perimeter: Includes the entire Hearing business comprising of c. 5,500 employees globally, the ReSound, Beltone and other hearing brands, all hearing product IP, R&D, manufacturing and operations (including relevant sites used by the Hearing business), and Beltone network partnerships. The transaction does not include the current financial investment in Nations Benefits LLC. In 2025, the Hearing business generated revenue of DKK 7,214 million and reported pro-forma EBITDA of DKK 1,185 million.
• Shareholders’ agreement: At closing, GN and Ampliter S.r.I, Amplifon’s controlling shareholder, are expected to enter into a shareholders’ agreement providing for GN’s right to propose a representative for appointment to Amplifon’s board of directors, together with customary transfer restrictions and lock-up undertakings in respect of the Amplifon shares received by GN as consideration. Additionally, Ampliter S.r.l., and core shareholder, Tamburi Investment Partners S.P.A., confirmed their financial support to the Transaction, including investment in a future equity raise conducted by Amplifon.
• Carve-out: Prior to closing of the transaction, the Hearing business will be separated from GN through a carve-out, including a statutory demerger of the Hearing business in accordance with the Danish Companies Act. The de-merger is expected to take place as a taxable transaction.
• Transitional arrangements: Certain shared services and support functions by GN will continue to be provided on a temporary basis following the closing of the transaction via customary transitional services agreements between the parties.
• Fairness opinions: J.P. Morgan Securities plc has provided to the Board of Directors of GN an opinion as of 16 March 2026 based on the factors, assumption and procedures specified therein, which confirms that the transaction value is fair from a financial point of view (the “Fairness Opinion”). J.P. Morgan provided its Fairness Opinion solely for the benefit and information of the Board of Directors of GN in its evaluation of the transaction, and the Fairness Opinion may not be relied upon by any third party or used for any other purpose.
• Additionally, Nordea Corporate Finance, part of Nordea Danmark, Filial af Nordea Bank Abp, Finland (Nordea), has as Independent Financial Advisor, provided to the board of directors of GN an opinion as of 16 March 2026 based on the factors, assumptions and procedures specified therein, which confirms that the transaction value is fair for GN from a financial point of view (the “Independent Fairness Opinion”). Nordea provided its Independent Fairness Opinion solely for the benefit and information of the Board of Directors of GN Store Nord A/S in its evaluation of the transaction, and the Independent Fairness Opinion may not be relied upon by any third party or used for any other purpose.
• Closing conditions: The transaction is subject to customary conditions, including merger control and other regulatory approvals from relevant authorities and completion of the Hearing business separation from GN.
• Anticipated Closing Date: The transaction is expected to close by the end of 2026. GN remains committed to serving the customers of the Hearing business and will continue delivering high-quality, innovative products.
Financial implications and guidance
• As a direct consequence of the transaction, Hearing will be classified as discontinued operations, and associated assets and liabilities as held-for-sale.
• GN’s financial guidance for 2026 now excludes discontinued operations and therefore only reflects Enterprise and Gaming. Consequently, the organic revenue guidance is now expected to be 2-8%, based on unchanged divisional assumptions of 0-6% organic revenue growth in Enterprise, and 7-13% organic revenue growth in Gaming.
To drive the necessary changes of this significant transaction, GN will incur one-off costs, including but not limited to transaction and carve-out costs, which will impact group EBITA in 2026. Following the establishment of a standalone operating system structure, the company is expected to re-introduce a profitability guidance.
J P Morgan Securities plc is acting as exclusive financial advisor, and Gorrissen Federspiel Advokatpartnerselskab and Gianni & Origoni are acting as legal advisors, and PricewaterhouseCoopers has provided due diligence services to GN.
GN brings people closer through our leading intelligent hearing, audio, video, and gaming solutions. Inspired by people and driven by innovation, the company deliver technologies that enhance the senses of hearing and sight. It help people with hearing loss overcome real-life challenges, improve communication and collaboration for businesses, and provide great experiences for audio and gaming enthusiasts.
Amplifon, global leader in the hearing care retail market, empowers people to rediscover all the emotions of sound. Amplifon’s around 20,600 people worldwide strive every day to understand the unique needs of every customer, delivering exclusive, innovative and highly personalized products and services, to ensure everyone the very best solution and outstanding experience.
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