Gentex Corporation has entered into a definitive agreement to acquire VOXX International Corporation in an all-cash transaction valued at $7.50 per common share, representing an aggregate enterprise value of approximately $196 million. The acquisition is expected to close in the first quarter of calendar year 2025, subject to stockholder and regulatory approvals.
This strategic acquisition is anticipated to increase Gentex's annual revenue by $350 million to $400 million. It will integrate VOXX's automotive OEM and aftermarket businesses, consumer electronics, and premium audio brands such as Klipsch, Onkyo, and Integra into Gentex's portfolio.
The transaction also provides Gentex with full access to EyeLock's iris biometric technology, which offers applications in automotive, aerospace, and medical markets. Gentex expects an approximate pro-forma annual EBITDA contribution of $40 million to $50 million once profitability improvement measures are executed within 18 to 24 months post-closing.
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