Strategic Acquisition Strengthens VTech’s Global Businesses and Operations
VTech Holdings Limited a global leader in electronic learning products from infancy through toddler and preschool and the largest manufacturer of residential phones in the United States, announced that Snom Solutions GmbH, its indirect wholly-owned subsidiary, has entered into an Assets Purchase Agreement to acquire the assets (including the manufacturing facilities located in Bocholt, Germany) of Gigaset Communications GmbH (“Gigaset”).
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Gigaset is the market leader for DECT (Digital Enhanced Cordless Telecommunications) cordless phones in Europe. It also provides business telephony solutions for enterprise customers, Android-based mobile communications as well as cloud-based smart home offerings for private and business customers. Through the acquisition of Gigaset’s assets, VTech will be able to strengthen its leadership position in residential cordless phones, expand its market channels and product portfolios globally, as well as manufacturing footprint in Europe. The acquisition would also add engineering talents to VTech’s global R&D teams, leveraging synergies in technological development of its products and operational efficiencies.
“We are excited to be making this strategic acquisition. Gigaset’s product portfolio, European market leadership, advanced R&D capabilities and manufacturing excellence are highly complementary with VTech,” said Hillson Cheung, President of VTech Telecommunication Products. “With VTech’s financial backing and management support, the business activities of Gigaset would be able to continue after the acquisition, and move towards a sustainable growth and development.”
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“The acquisition represents a significant step forward in our transition journey,” said Dr Magnus Ekerot, CEO of Gigaset. “As part of the VTech family, we will have a solid foundation not only to strengthen the relationship with our global business partners, but also facilitate our products to reach more consumers and enterprise customers, giving us a unique platform to embark on a new era of growth.”
The acquisition is expected to complete on 2 April 2024, subject to fulfilment of the closing conditions set forth in the Assets Purchase Agreement. VTech intends to fund the acquisition through internal resources.
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