VTech Completes Acquisition of Assets of Gigaset Communications GmbH

Rhea-AI Summary

VTech Holdings acquires assets of Gigaset Communications GmbH, gaining manufacturing facilities in Europe and expanding its business operations.

HONG KONG, April 5, 2024 /PRNewswire/ -- VTech Holdings Limited ("VTech", HKSE: 303), a global leader in electronic learning products from infancy through toddler and preschool and the largest manufacturer of residential phones in the United States, today announced that Gigaset Technologies GmbH (formerly known as Snom Solutions GmbH), its indirect wholly-owned subsidiary, has completed the acquisition of the assets (including the manufacturing facilities located in Bocholt, Germany) of Gigaset Communications GmbH ("Gigaset"). The acquisition was funded by internal resources.

The Assets Purchase Agreement was announced on 24 January 2024 and the transaction was completed on 5 April 2024. With the acquisition, VTech gains its first manufacturing facilities in Europe through Gigaset's factory in Bocholt, Germany. Gigaset's businesses in DECT (Digital Enhanced Cordless Telecommunications) cordless phones, business telephony solutions for enterprise customers and Android-based mobile communications will be managed and operated by a new VTech entity, Gigaset Technologies GmbH. Gigaset's cloud-based smart home business was terminated by Gigaset prior to the closing of the acquisition. 

Investor Online Meeting

VTech will conduct an online meeting to discuss the information included in this news release and related matters at 16:30, 18 April 2024 (Hong Kong time). To register: tinyurl.com/yvf839yp. Participants should join the meeting at least 15 minutes prior to the scheduled start time.

Starting from 22:00, 18 April 2024 (Hong Kong time), the archived meeting video can be accessed through VTech website (www.vtech.com/en/investors/financial-briefings).

About VTech

VTech is the global leader in electronic learning products from infancy through toddler and preschool and the largest manufacturer of residential phones in the US. It also provides highly sought-after contract manufacturing services. Since its establishment in 1976, VTech has been a pioneer in the electronic learning toy category. With advanced educational expertise and cutting-edge innovation, VTech products provide fun and learning to children around the world. Leveraging decades of success in cordless telephony, VTech's diverse collection of telecommunication products elevates both home and business users' experience through the latest in technology and design. As one of the world's leading electronic manufacturing service providers, VTech offers world-class, full turnkey services to customers in a number of product categories. The Group's mission is to integrate economic growth, environmental protection and social responsibility in its business strategies to design, manufacture and supply innovative and high-quality products for the well-being of people and benefit of society, aiming to drive sustainable value for its stakeholders and the communities.

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SOURCE VTech

FAQ

What did VTech Holdings acquire?

VTech Holdings acquired the assets of Gigaset Communications GmbH, including the manufacturing facilities located in Bocholt, Germany.

When was the acquisition completed?

The acquisition of Gigaset Communications GmbH's assets was completed on 5 April 2024.

What will happen to Gigaset's businesses after the acquisition?

Gigaset's businesses in DECT cordless phones, business telephony solutions, and Android-based mobile communications will be managed by a new VTech entity, Gigaset Technologies GmbH.

Where can participants access the archived meeting video regarding this acquisition?

Participants can access the archived meeting video on the VTech website starting from 22:00, 18 April 2024 (Hong Kong time).