German headphone maker Beyerdynamic has been sold to Shenzhen-based audio component manufacturer Cosonic Intelligent Technologies for €122 million ($139 million).
The deal marks the Shenzhen-listed company’s entry into premium consumer audio after years as an original equipment manufacturer for global electronic brands like Philips, JBL, Beats, and Huawei.
The transaction values Beyerdynamic at roughly 14 times its 2024 net profit, according to a press release.
Formed in 2013, Cosonic is listed on the Shenzhen Stock Exchange with a market capitalization value of RMB 6.36 billion ($887 million). In 2024, its net profit attributable to shareholders plummeted 69% YoY to RMB 41.3 million ($5.7 million at the average exchange rate for 2024) from RMB 132.6 million ($18.7 million)
The Chinese company’s revenue, however, rose 3.8% YoY to RMB 2.5 billion ($348m) in 2024 from RMB 2.4 billion ($339m).
Beyerdynamic, founded in 1924 in Heilbronn, Germany, has remained family-controlled throughout its 101-year history. The company manufactures professional-grade headphones and microphones used in recording studios and broadcast facilities worldwide.
“After the completion of this transaction, the company can use [Beyerdynamic’s] mature online and offline sales system to… enhance the company’s risk resistance to the uncertainty of international trade policies.”
Cosonic Intelligent Technologies
Cosonic acquired Beyerdynamic in cash from shareholders including Carol Shirley Beyer, Carina-Gloria Mühling, Kaja Mühling, Daniela Gruidl, Dennis Gruidl, Samantha Carina Edwards, and David Edwards, according to a Shenzhen Stock Exchange filing on June 6.
The transaction includes Beyerdynamic’s subsidiaries in the US, China, and India. Cosonic noted that Beyerdynamic has more than 100 business partners globally covering major markets such as Europe, China and the US. Additionally, Beyerdynamic conducts sales through platforms like Amazon, China’s JD.com, Alibaba’s Tmall and Douyin (TikTok’s Chinese counterpart).
Cosonic also views the acquisition as a means to enhance its resilience against the uncertainties of international trade policies and potential trade hurdles.
Cosonic said: “After the completion of this transaction, the company can use [Beyerdynamic’s] mature online and offline sales system to expand into the European and American markets, further improve its global market layout, and at the same time enhance the company’s risk resistance to the uncertainty of international trade policies.”
“after the completion of this transaction, it will help the company to broaden its product and technology layout… and enhance the company’s sustainable operating capabilities and global market competitiveness.”
Cosonic Intelligent Technologies
In a separate press release, the Chinese company said it is confident that the deal will close quickly due to “the lack of antitrust or national security hurdles in Germany or the US.”
Added Cosonic: “In summary, after the completion of this transaction, it will help the company to broaden its product and technology layout, build diversified market channel capabilities, accelerate the process of globalization, and enhance the company’s sustainable operating capabilities and global market competitiveness.”
The transaction marks the latest in the premium headphones market after Samsung Electronics subsidiary Harman International announced last month that it has agreed to acquire the Sound United consumer audio business of US health technology and consumer electronics firm Masimo Corporation for $350 million in cash.
Harman’s portfolio of brands in the audio industry include AKG, Bang & Olufsen, Harman Kardon, Infinity Audio and JBL. Harman was acquired by Samsung Electronics for $8 billion in March 2017. In 2023, Harman purchased Roon, a music management, discovery, and streaming platform.
In 2023, Sony Interactive Entertainment bought Audeze, which manufactures headphones for gaming.
Meanwhile, Bose in November 2024 acquired McIntosh Group, the parent company of high-performance and luxury audio brands that include McIntosh and Sonus faber. McIntosh produces amplifiers, speakers, turntables and other audio products.
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