In September 2016, Sonova, the world’s leading provider of hearing solutions, acquired AudioNova. Subsequent to the transaction, a purchase price allocation (PPA) was conducted for accounting purposes.
Sonova, headquartered in Stäfa, Switzerland, is the leading provider of innovative hearing care solutions. The group operates through its core business brands Phonak, Unitron, Hansaton and Advanced Bionics. Sonova offers its customers one of the most comprehensive product portfolios in the industry – from hearing instruments to cochlear implants to wireless communication solutions. Founded in 1947, the group is currently present in over 100 countries across the globe and has a workforce of over 14,000 dedicated employees.
AudioNova is one of Europe’s leading hearing aid retailers and service providers. With its highly qualified staff, including 1,600 acousticians, the company assists its clients with the selection of the best hearing solution for their needs, ensuring actual use through continuous support, thus improving quality of life through better hearing. In addition to AudioNova, the group also operates under brands such as Audium, AuditionSanté, Boots Hearingcare, Connect Hearing, Fiebing, Geers, Hansaton, Lapperre, Lindacher, Schoonenberg, Triton and Vitakustik.
Oaklins' team in Switzerland advised Sonova during the post-transaction phase and produced a PPA report in accordance with IFRS 3. The report contained the allocation of the consideration paid to all identifiable assets acquired and liabilities assumed.
Thomas Lenz, Senior Manager Corporate Controlling at Sonova, said: "Oaklins' team in Switzerland supported us throughout the entire process, from the identification of the intangibles through to the auditor’s review of the PPA.“
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