HF Company Société Anonyme (ENXTPA:HF) cancelled the acquisition of VOXX German Accessory Holdings GmbH from VOXX International Corporation.
September 29, 2019
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HF Company Société Anonyme (ENXTPA:HF) entered into a definitive agreement to acquire VOXX German Accessory Holdings GmbH from VOXX International Corporation (NasdaqGS:VOXX) for 16.7 million on June 7, 2019. The consideration is subject to financing and certain other contingencies and adjustments, minus related transaction fees and expenses. A condition precedent to the closing is the entry by the parties into an option agreement granting HF Company the right to purchase the real property occupied by VOXX German Accessory Holdings GmbH in Langenzenn for 2.4 million, subject to certain contingencies. The completion of the transaction is subject to financing contingencies, regulatory approvals and customary closing conditions. The transaction is expected to close by the end of the third quarter of 2019.
Levy, Stopol & Camelo LLP and Norton Rose Fulbright LLP served as legal counsel to VOXX International and M.M. Warburg & Co. served as the Company's financial advisor on this transaction. KÖNNECKE NAUJOK and BOUGET Avocats served as legal counsel to HF Company and CFI Athema served as HF Company's financial advisor on this transaction.
HF Company Société Anonyme (ENXTPA:HF) cancelled the acquisition of VOXX German Accessory Holdings GmbH from VOXX International Corporation (NasdaqGS:VOXX) on September 30, 2019. Due to a performance gap in the period March-August 2019, the finalization of the deal was subject to a significant price adjustment, which the VOXX's shareholder rejected. The termination is due to non-fulfillment of certain conditions precedent to closing, including the inability of HF Company to obtain transaction financing.
VOXX International Corporation is an international manufacturer and distributor in the automotive electronics, consumer electronics, and biometrics industries. The Company operates through three segments: Automotive Electronics, Consumer Electronics and Biometrics. The Automotive Electronics segment designs, manufactures, distributes and markets rear-seat entertainment devices, remote start systems, automotive security products and devices, vehicle access systems, mobile interface modules, mobile multimedia devices, and others. Consumer Electronics segment designs, manufactures, distributes and markets home theater systems, A/V receivers, premium loudspeakers, outdoor speakers, business music systems, streaming music systems, cinema speakers, architectural speakers, wireless and Bluetooth speakers and soundbars. Its Biometrics segment designs, markets and distributes iris identification and biometric security related products. The Company has a portfolio of approximately 35 brands.