VOXX INTERNATIONAL CORPORATION (NASDAQ:VOXX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
entered into a definitive agreement to sell Hirschmann Car
Communication GmbH and its worldwide subsidiaries (collectively,
Hirschmann), which is headquartered in Neckartenzlingen, Germany,
to a subsidiary of TE Connectivity Ltd.
TE Connectivity (TE) will acquire all of the outstanding stock of
Hirschmann for a total consideration of 148.5 million or
approximately $166.0 million, subject to certain contingencies
and adjustments, less related transaction fees and expenses. Voxx
International (Germany) GmbH, a German wholly-owned subsidiary of
the Company, is the selling entity in this transaction.
and will retain its current OEM business that is not included in
this transaction through VOXXHirschmann Corporation, and will
continue its Automotive aftermarket business through its
proprietary brands and third party distribution agreements.
that are customary for a transaction of this size and nature. The
completion of the acquisition is subject to customary closing
conditions and regulatory approvals. The Company anticipates
closing the transaction on or about August 31, 2017.
that it had entered into the Agreement. A copy of the press
release is furnished as Exhibit 99.1 to this report.
99.1, shall not be deemed to be filed for the purposes of Section
18 of the Securities Exchange Act of 1934, as amended, and will
not be incorporated by reference into any registration statement
filed under the Securities Act of 1933, as amended, unless
specifically identified therein as being incorporated therein by
reference.
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Exhibit No.
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Description
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99.1
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Press Release dated June 26, 2017, relating to VOXX
International Corporations sale of Hirschmann Car Communication GmbH and its worldwide subsidiaries (furnished herewith). |
VOXX International Corp ExhibitEX-99.1 2 ex991pressrelease.htm EXHIBIT 99.1 Exhibit FOR IMMEDIATE RELEASEVOXX INTERNATIONAL CORPORATION ANNOUNCES DEFINITIVE AGREEMENT WITH TE CONNECTIVITY TO SELL ITS HIRSCHMANN CAR COMMUNICATION ANTENNA AND TUNER BUSINESSHAUPPAUGE,…To view the full exhibit click here About VOXX INTERNATIONAL CORPORATION (NASDAQ:VOXX)
VOXX International Corporation is an international manufacturer and distributor in the automotive, audio and consumer accessories industries. The Company’s segments include Automotive, Premium Audio and Consumer Accessories. The Automotive segment designs, manufactures, distributes and markets rear-seat entertainment devices, satellite radio products, remote start systems, digital television tuners, mobile antennas, mobile multimedia devices, car link-smartphone telematics application, collision avoidance systems and others. The Premium Audio segment designs, manufactures, distributes and markets home theater systems, outdoor speakers, iPod/computer speakers, business music systems, cinema speakers, flat panel speakers, Bluetooth speakers and others. The Consumer Accessories segment designs and markets remote controls, rechargeable battery packs, wireless and Bluetooth speakers, Singtrix karaoke products, 360 Fly Action Cameras, personal sound amplifiers and others.
