Demant A/S intends to divest its Hearing Implants business
Plesner advises Demant A/S in negotiating an agreement to divest Demant's Hearing Implants business "Oticon Medical" in order to ensure lifelong support of its existing patients.
Following a strategic review, Demant has decided to discontinue its Hearing Implant business area and announced the intention to sell Oticon Medical to Cochlear Limited, a market leader in implantable hearing.
In the review of options for the future, it was of utmost importance to find a professional counterpart, who would commit to ensuring the best lifelong support of existing customers and patients. Cochlear has committed to provide ongoing support for the entire patient base, which include cochlear implants (CI) and bone anchored hearing systems (BAHS).
The total consideration is DKK 850 million.
Subject to regulatory approvals and other customary closing conditions, the transaction is expected to close in H2 2022, following consultation of relevant workers’ councils.
Plesner advised Demant along with Latham & Watkins, Walder Wyss Ltd., Bennani & Associés LLP, Saul Ewing Arnstein & Lehr LLP and Roschier as local counsels on the transaction.
Plesner's core M&A team on the transaction consisted of Thomas Holst Laursen, Simon Västernäs and Louise Lund. Casper Münter assisted on M&A and negotiations of supply agreements, Peter Stassen and Jacob Borum assisted on competition law matters, Jeppe Brinck-Jensen assisted on intellectual property matters and Michael Hur Bertelsen provided transitional assistance.