EQT has agreed to buy German engineering firm Siemens‘ hearing aid business for 2.15 billion euros (about $2.69 billion). Santo Holding, the investment vehicle of the German Strüngmann family, will be a minority co-investor in the transaction.
Freshfields, Bain & Company, PwC, Latham & Watkins and Aon advised EQT while honert + partner advised Santo Holding.
Deutsche Bank, Goldman Sachs and UBS are providing the financing for the deal.
Siemens has been making several divestitures of its businesses. Last year, Siemens sold part of its watch tech unit to AEA Investors for $862.4 million. And in July 2013, Nokia bought out partner Siemens’ share in their equipment joint venture for $2.2 billion.
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