Following up on the announcement from earlier this year that Sound United, parent company of Denon and Marantz, had entered an agreement to acquire Onkyo's consumer audio devidsion--which would include Onkyo, Pioneer, Pioneer Elite, and Integra--comes the announcement that this deal will not be going through. No specific reasons have been given, other than the fact that "necessary closing conditions could not be satisfactorily achieved." You can read the full announcement below, though:
In mid-May, Sound United LLC announced the signing of a term sheet agreement to acquire Onkyo Corporation's consumer audio division, including the Onkyo, Pioneer, Pioneer Elite, and Integra brands. As was shared at the time, the completion of the transaction was subject to several conditions, including the finalization of all definitive agreements, completion of satisfactory due diligence, securing of committed financing and various other required approvals.
At this point, we have mutually agreed that it is in the best interest of both organizations to terminate the proposed acquisition. After months of rigorous work and negotiations, it became apparent that all of the necessary closing conditions could not be satisfactorily achieved.
Sound United remains dedicated to our mission of Bringing Joy to the World Through Sound. We will continue to pursue this mission through organic growth with our existing brands and through opportunistic acquisitions which allow us to better serve the consumer.
About Sound United
Sound United is a DEI Holdings company with an award - winning portfolio of audio brands that deliver industry - leading home theater and personal audio listening experiences for a wide - range of consumers. Sound United is a subsidiary of DEI Holdings, a portfolio company of Boston - based private equity firm Charlesbank Capital Partners, LLC. Each brand provides an expansive array of audio products that includes high - end and custom installation audio, to mid - tier markets that cover loudspeakers, sound bars, AV receivers, wireless multi - room music systems, Bluetooth® speakers, amplifiers, turntables and headphones.
Dedicated to artfully reproducing audio for listeners and enthusiasts around the world, Sound United is comprised of Denon®, Marantz®, Polk Audio, Classé, Definitive Technology, Polk BOOM, HEOS, and Boston Acoustics. Each brand offers a unique approach to bringing home theatre and music to life. Whether it's through the legendary heritage of Denon, the classic sound of Polk Audio, the premium performance of Definitive Technology, the highly - sought - after amplification of Marantz, the action - inspired form factors of Polk BOOM, the wireless home audio solutions of HEOS, or the accessible performance of Boston Acoustics, Sound United is your sound -- so listen. For more information on Sound United, please visit www.soundunited.com.