Siemens Sells Hearing-Aid Unit for $2.68 Billion
Siemens AG (SIE) agreed to sell its hearing-aids unit and will raise its dividend as Chief Executive Officer Joe Kaeser completes his first year at the helm with higher earnings and pushes Europe’s biggest engineering company deeper into energy markets.
The Munich-based company will fetch 2.2 billion-euro ($2.7 billion) from the sale of the hearing-aids business, its last consumer-facing asset, to private-equity firm EQT Partners AB and Germany’s Struengmann family. Siemens shares rose as much as 1.3 percent as analysts say the deal shows Kaeser’s determination to revamp the company as quickly as possible.
“We appreciate the sale of the hearing-aids business, as with the sale a longer preparation of an IPO is avoided,” said Frankfurt-based DZ Bank analyst Jasko Terzic.
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The Munich-based company will fetch 2.2 billion-euro ($2.7 billion) from the sale of the hearing-aids business, its last consumer-facing asset, to private-equity firm EQT Partners AB and Germany’s Struengmann family. Siemens shares rose as much as 1.3 percent as analysts say the deal shows Kaeser’s determination to revamp the company as quickly as possible.
“We appreciate the sale of the hearing-aids business, as with the sale a longer preparation of an IPO is avoided,” said Frankfurt-based DZ Bank analyst Jasko Terzic.
Help employers find you! Check out all the jobs and post your resume.