Siemens aborts plans to sell hearing aids unit
According to reports, the sale of Siemens Audiologische Technik, the hearing aids business of Siemens AG has now definitely been cancelled.
Rumours that the business was likely not be sold emerged more than three weeks ago, based on reports that bids had fallen short of the expected price tag of more than €2bn, as financial investors submitted offers lower than €1.6bn.
Private equity bidders included Permira, Bain Capital and Cinven, as well as a consortium comprised of KKR, Hellman & Friedman and Australian strategic bidder Cochlear.
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