VOXX, HOME OF KLIPSCH, HECO, MAGNAT, JAMO, AND ACOUSTIC RESEARCH IN TALKS TO ACQUIRE ONKYO

VOXX  has announced that it has signed a Letter of Intent to acquire the Home AV business of Onkyo, along with Sharp Corporation as its partner.

VOXX has built a portfolio of around thirty-five brands and is the home of several well known audio brands such as Klipsch, Heco, Magnat, Jamo and Acoustic Research.

VOXX has signed a letter of intent to acquire ONKYO who they distribute in the Americas

VOXX AND ONKYO RELATIONSHIP

VOXX and ONKYO already have a close relationship. Back in July 2020, VOXX, through its newly formed distribution company and subsidiary 11TC, became the exclusive distributor in the Americas of the Onkyo, Pioneer, Pioneer Elite, and Integra brands. This built upon and expanded the alliance between the company’s when Onkyo became the distributor of Klipsch premium audio sound solutions in Japan in 2019. For many years, Sharp Corporation has manufactured products for Onkyo at their Malaysian factory as part of a joint venture.

VOXX INTERNATIONAL

VOXX and Sharp have been granted exclusivity while discussions remain underway. VOXX and Sharp have also entered into a Binding Agreement to move forward with this proposed transaction. All of the companies have a strong working relationship and are moving towards reaching a definitive agreement by May 20^th 2021.

Pat Lavelle, President and CEO of VOXX International Corporation stated, “For the past two years, we’ve worked well with the Onkyo team, expanding our relationship, and most important, serving the needs of our customers. It is our hope that we can reach an agreement shortly as they have strong brands, and through our Premium Audio Group, led by the Klipsch management team, we have widespread distribution and a global infrastructure to support our growth.”

Get all the latest Hifi News with Hifi Pig here!