Gentex to acquire VOXX International
Gentex Corporation, an automotive technologies supplier, has entered into a definitive agreement and plan of merger to acquire VOXX International, a distributor of automotive and consumer technologies, in an all-cash transaction.
Under the terms of the Merger Agreement, Gentex will acquire all of the issued and outstanding shares of VOXX common stock not already owned by Gentex for $7.50 per share, representing an aggregate enterprise value of approximately USD 196 million.
The transaction is subject to the approval of VOXX’s shareholders, certain regulatory approvals and other customary closing conditions, and is expected to close in the first quarter of 2025.
The acquisition of VOXX is a strategic addition to the Gentex portfolio of products. The majority of the revenue of VOXX is comprised of automotive OEM and aftermarket business, as well as the consumer electronics industry.
Through the transaction, Gentex will gain full access to the EyeLock iris biometric technology, a secure method of authentication, which will provide further product applications in the Gentex automotive, aerospace and medical markets. The acquisition will also include the Premium Audio Company. Gentex believes its expertise in high volume manufacturing will help the Premium Audio team to continue its expansion in the consumer technology and connected home space. Additionally, the Gentex sales and business development teams will further equip the Premium Audio team with additional automaker exposure.
The company expects that its annual revenue will increase in the range of USD 350 million to USD 400 million per year as a result of the acquisition. The Company plans to immediately develop and execute strategic growth plans for the acquired business units, while the company is reviewing each business unit for strategic fit.
The Company believes the acquisition of VOXX will contribute to its long-term growth and profitability strategies and create shareholder value through increasing revenue in existing and new markets, potential growth stemming from acquired technologies, significant net asset values and trapped tax losses, as well as the combined brand value and reputation of the VOXX family of brands.
