$1.4m deal in hearing aid sector

Danish GN Resound Group, a 748 million euro business, has acquired 49% in hearing aid maker Audio Nova, one of the market leaders, market sources told Ziarul Financiar. The sources put the deal at some 1.4 million dollars (1.16 million euros). The stake was sold by the owner of the Audio Nova business, Adi Milstin, who had held 100% previous to this deal. The two parties could not be reached for comment on the transaction. Audio Nova accounted for 53% of the hearing aid market in Romania in 2003, according to the data on the company”s website. Other players in this sector are Sonorom – 9% market share, Romsound – 8%, Dr. Hociota Panduri Hospital -10%, Audio Optica – 6%, with a number of companies controlling some 14% of the local market. Audio Nova was set up in 1999 and has been on the rise ever since, with about 31,500 hearing aids installed by the end of last year from 900 in 2000. ZF