Under a signed agreement, Gentex will acquire all issued and outstanding shares of VOXX stock not already owned by Gentex for $7.50 per share.
VOXX, which is based in Orlando, Florida, is an international manufacturer of household electronics including brands such as Pioneer, Onkyo, Integra, and Klipsch, as well supplying in-vehicle entertainment and security systems for automobiles.
Gentex already maintains roughly 30% ownership of VOXX. The full purchase of VOXX will be around $175 million.
Gentex says the acquisition is a strategic addition to its portfolio of products and expects its annual revenue to increase in the range of $350 to $400 million annually.
The proposed transaction was approved by both Gentex and VOXX’s Boards of Directors and is still subject to the approval of VOXX’s shareholders, regulatory approvals and other customary closing conditions. Pending those, the acquisition is expected to close in the first quarter of 2025.
