Proposed merger between Widex and Sivantos receives final clearance from European Commission


Press release February 14 , 2019

  • Merger creates company with combined revenues of more than EUR 1.7bn
  • Transaction expected to close in early March 2019
  • Truly global footprint through comprehensive sales and distribution platform

Singapore and Lynge, Denmark – February 14, 2019: The European Commission has approved,
under the EU Merger Regulation, the merger between Sivantos Pte. Ltd. (“Sivantos”), owned by EQT
funds, and Widex A/S (“Widex”), owned by T&W Medical A/S. Sivantos offers a diverse portfolio of
technologically advanced hearing aid products across brands like Signia, Audio Service, Rexton and
others. Widex’ portfolio of products includes a range of sophisticated hearing aid technology with a
focus on the high-end segment.

The Commission concluded the merger would raise no competition concerns. The merger has already
been approved in all other relevant jurisdictions.

“Our goal at Widex has always been to develop the best possible hearing aids to improve the life of
those with hearing needs. The merger with Sivantos brings us one step closer to that goal by building
a company with one of the strongest research and development resources in the business and the
sales channels to ensure our innovative products reach as many people as possible,” said Jan
Tøpholm, Chairman of Widex A/S.

“The merger between Widex and Sivantos is a transformative combination and unique opportunity to
drive innovation through one of the most dynamic R&D teams in the industry to benefit the more than
700 million people with hearing needs,” said Marcus Brennecke, Global Co-Head of EQT Private

The newly created company will be a global leader with a presence in more than 125 markets,
combined revenues of more than EUR 1.7 billion and more than 10,000 employees worldwide. All
Widex and Sivantos brands will continue to operate with separate sales forces and organizations
following the combination.

The transaction remains subject to final and customary closing conditions. The parties expect the
transaction to close in early March 2019.

This press release is translated into multiple languages for information purposes. In case of a
discrepancy, the English version shall prevail.


Widex | Andrew Arnold (Corporate Communications): + 45 25 65 75 47

Sivantos | Gert van Santen (Corporate Communications): +49 152 028 743 20

EQT | Press office: +46 8 506 55 334

About Sivantos Group

The business operations of the former Siemens AG hearing aid division have been combined into the
Sivantos Group since early 2015. Sivantos can look back on 140 years of German engineering and
countless global innovations. Today Sivantos is one of the leading hearing aid manufacturers
worldwide, with brands like Signia, Audio Service, Rexton and others. With its around 6,
employees, the group recorded revenues of 1100 million euros in the fiscal year 2017/2018 and an
adj. EBITDA of 262 million euros. Sivantos’ international sales organization supplies hearing care
specialists and sales partners in more than 120 countries. Particularly high value is placed on product
development. The owners of Sivantos are the anchor investors EQT along with the Strüngmann family
as a co-investor. Sivantos GmbH is a brand license holder of Siemens AG.

More info:

About Widex

With more than 60 years’ experience developing state-of-the-art hearing technology, Widex
(headquartered in Lynge, Denmark) provides hearing solutions that are easy to use, seamlessly
integrated in daily life and enable people to hear naturally. One of the world’s leading hearing aid
producers, Widex employs around 4,250 people across sales, manufacturing, operations, distribution
and R&D in 38 countries, and its products are sold in 105 countries. The current strategy, introduced
in 2018, aims at doubling the business in five years. Widex is owned by the Tøpholm and Westermann
families, descendants of the founders.

More info:

About EQT

EQT is a leading investment firm with approximately EUR 50 billion in raised capital across 28 funds.
EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19
billion and approximately 110,000 employees. EQT works with portfolio companies to achieve
sustainable growth, operational excellence and market leadership.

More info:


What will that mean?
The battery will likely all become fuel cell, but apart from that?


It’s hard to find a ranking by sales of the companies. Here’s an “informal” description of the Big 6 and it claims that Signia/Sivantos is the market leader correction says “used to have 25% share” of the world market. Perhaps Widex is up for grabs because of competition from Oticon, Phonak, and ReSound(?).

Says Widex has focused on premium hearing aids. Perhaps one needs Toyota Corolla’s in your line-up as well as Camry’s and Avalons and the Lexus line - and a merger with Sivantos will provide that buffer for Widex to continue to be up there with the Lexuses of hearing aids.

The report is a year out of date. Hope someone can come up with a more up-to-date and detailed market standing for whatever it’s worth for entertainment value.

Edit_Update: Financial Data on Gross Revenues from Web (usually annual report)

Gross Revenues for FY 2017 or a FY 17/18 overlap, using current exchange rates from company financial reports available on the web

ReSound (plus Jabra) USD $1,580 million (2017)

CHF 2,646 million Sonova (Phonak et al) USD $2,623 million (2017/18)

William Demant (Oticon) 13,189 DKK USD $1,992 million (2017)

Sivantos (Signia et al) 1100 million Euros USD $1,240 million(2017/18) (from Abram’s post)

The merger announcement posted by Abram does not give Widex figures

Widex from 2017/18 financial report 4,466 DKK USD $674 million

Starkey is a privately held company so it does not have to disclose its financials, I guess, as I couldn’t easily find an estimate of its annual revenue


That matches the general ranking I’ve read before.


Looks like it is safe to change the description in one of my threads;
From: Hearing Aids by the ( Big6 Big5-Widex?)
To: Hearing Aids by the Big5


Typo, very efficient company, or they just had a BUNCH of layoffs.

6 employees & 1100 million euros.

Sivantos at 1.1 billion euros & the combined company at 1.7 billion euros must means Widex was only about 600 million euros with 4,250 employees.


Here’s Dave’s view: How Will The Widex-Sivantos Merger Impact Hearing-Aid Buyers And Sellers?