Brief: Voxx International to sell its Hirschmann car communication antenna and tuner business

VOXX International

26/06/2017 13:00

June 26 (Reuters) - Voxx International Corp  VOXX.O  
    * Voxx International corporation announces definitive 
agreement with TE connectivity to sell its Hirschmann car 
communication antenna and tuner business 
    * Voxx International Corp - under terms of stock purchase 
agreement, TE connectivity  will acquire Hirschmann for an 
enterprise value of 148.5 million euro 
    * Voxx International Corp - under terms of agreement, Voxx 
International will phase out Voxxhirschmann name over a period 
of two years 
    * Voxx International - entered definitive agreement to sell 
Hirschmann car communication gmbh and its worldwide subsidiaries 
to a subsidiary of te connectivity 
    * Voxx International Corp - Voxx International (Germany) 
GMBH is selling entity in this transaction. 
    * Voxx International - will continue to operate in 
automotive industry and retain its ongoing oem business is not 
part of this transaction through Voxxhirschmann 
    * Voxx International Corp - will also continue its 
automotive aftermarket business through its proprietary brands 
and 3(rd)-party distribution agreements 
    * Voxx International Corp - Wells Fargo securities is acting 
as exclusive financial advisor to voxx international on 
transaction. 
 
Source text for Eikon:  ID:nPn5k0mWCa  
Further company coverage:  VOXX.O  
 
 ((bangalore.newsroom@thomsonreuters.com;))