German industrial giant Robert Bosch GmbH has signed a definitive agreement for the acquisition of Telex Communications Holdings through the merger of a wholly owned Bosch subsidiary into Telex. The agreement includes a purchase price of $420 million. Telex Communications is a manufacturer and supplier of professional audio, wireless, life safety and communication equipment, and home to such brands as Electro-Voice, Dynacord, Midas, Klark Teknik, and Telex. A diversified global industrial firm, Bosch is best known as the world’s largest supplier of automotive parts.
Bosch has announced that the Telex acquisition will come under the leadership of its billion-dollar Security Systems division, indicating an interest in both the professional audio market and expanding its communications systems product offerings. In fiscal 2005, Telex Communications had sales of $308 million and employed nearly 2000 in nine countries.
The $420 million agreement includes the assumption of Telex indebtedness by Bosch and is subject to certain post-closing adjustments. The deal has been approved by the boards of both companies, and has also been approved by the requisite percentage of Telex's voting stockholders.
For more information, visit www.bosch.com or www.telexcommunications.com.
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