EQT Partners AB-backed Sivantos Pte. Ltd. will merge with Widex A/S, a Denmark-based manufacturer of hearing aids founded and owned by the Tøpholm and Westermann families.
The merged entity has an enterprise value of greater than ?€7 billion and will have headquarters in Lynge, Denmark, and Singapore.
Furthermore, the transaction is expected to provide additional research and development investment opportunities as well as create an entity with expanded access to hearing healthcare.
EQT funds, namely EQT VI, EQT VII and EQT VIII, along with co-investors and the Tøpholm and Westermann families, will be the majority owners of the new company. In addition, the new company's board and management will have equal representation from Sivantos and Widex.
The merger is subject to regulatory approvals and other customary closing conditions.
J.P. Morgan, Goldman Sachs and Deutsche Bank will provide financing for the transaction, with Latham & Watkins acting as financing counsel. Meanwhile, J.P. Morgan, Kromann Reumert and Deloitte are acting as advisers to Widex. Freshfields Bruckhaus Deringer, Plesner, PricewaterhouseCoopers and AON advised EQT and Sivantos. The Boston Consulting Group also provided additional commercial advice.
