VOXX to sell its German accessories business to HF Company for approx. $19M
VOXX International Corporation announced that it has reached a definitive agreement to sell VOXX German Accessory Holdings, which comprises the operations of Oehlbach Kabel and Schwaiger to HF Company. Under the terms of the Stock Purchase Agreement, HF Company will acquire VOXX German Accessory Holdings GmbH for an enterprise value of approximately EUR17.3M, less inventory adjustments of approximately EUR0.6M. Based on the current Euro to US dollar conversion, this equates to approximately $19M. The final purchase price is subject to further net cash and working capital adjustments. A condition precedent to the closing is the entry by the parties into an Option Agreement granting HF Company the right to purchase the real property occupied by VOXX German Accessory Holdings GmbH in Langenzenn for EUR2.4M, subject to certain contingencies. The completion of the transaction is subject to financing contingencies and the Company anticipates this transaction to close on or around August 31, 2019.