Bang&Olufsen divests Czech subsidiary

The divesture, amounting to DKK 123 million (EUR 18 million), will also include the production facility. All of Bang&Olufsen's Czech employees will be transferred to Tymphany at the time of closing. As part of the transaction, Bang&Olufsen will enter into a long-term purchase agreement that sees Tymphany continue to produce devices for the Danish audio specialist at the Czech facility. The transaction remains subject to certain closing conditions, including the approval from the landlord of the Czech factory to the assignment of the lease from Bang&Olufsen to Tymphany. Closing is expected to be completed within the next months.