VTech Holdings Limited, a Hong Kong company developing electronic learning devices for preschool children and the largest manufacturer of wireless phones in the United States, through an indirect subsidiary of Snom Solutions GmbH, has entered into an agreement to acquire Gigaset Communications GmbH, including production facilities in Boholt (Germany). This is reported in a VTech press release.
As part of the deal, VTech expects to strengthen its position in the consumer cordless phone market, expand sales channels, product range, relationships with global business partners and production facilities in Europe due to the high quality of Gigaset production.
VTech intends to finance the transaction with available cash and complete the acquisition of Gigaset on April 2, 2024, subject to the usual closing conditions.
Gigaset is one of the largest companies in the DECT (Digital Enhanced Cordless Telecommunications) wireless phone market in Europe. The company also provides solutions in the business telephony segment for corporate clients, Android-based mobile communications, as well as cloud-based smart home solutions for private and business clients. The company develops, manufactures and sells the Gigaset family of products using Siemens developments in the manufacturing sector of phones and broadband devices for home multimedia systems. Gigaset Communications is a subsidiary of Gigaset AG with headquarters in Munich (Germany) and offices in 50 countries.
VTech is a Hong Kong-based company in the field of electronic learning devices for young children and the largest manufacturer of cordless phones in the United States. VTech offers customers a full range of services in the electronic toy, lighting and audio equipment manufacturing sector, headquartered in Hong Kong.
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