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Sonova to enter CI market with $489 million acquisition

From a Sonova press release:

ZURICH (Dow Jones)– Swiss hearing aid maker Sonova Holdings AG (SOON.VX) said Monday it is buying U.S.-based Advanced Bionics Corporation for $489 million, to enter the cochlear implant systems market where the company sees future growth rates between 10% and 15% per year.

“With this transaction Sonova adds a new source of sustainable business growth and enhances its position as the leading provider of hearing healthcare solutions,” Chief Executive Valentin Chapero said in a statement.