20.4.2023 08:13:50 CEST | Demant A/S |
Intern viden
Selskabsmeddelelse nr. 2023-07 20. april 2023
Foreløbig konklusion fra de britiske konkurrencemyndigheder (UK CMA) og opdatering vedrørende frasalget af Oticon Medical
De britiske konkurrencemyndigheder, Competition and Markets Authority (CMA), har i dag offentliggjort deres Provisional Findings and Notice of Possible Remedies vedrørende den påtænkte transaktion, der omhandler frasalget af Demants Hearing Implants-forretning, Oticon Medical, til Cochlear Limited. I rapporten er CMA’s foreløbige konklusion, at den påtænkte transaktion kunne forventes at resultere i en betydelig svækkelse af konkurrencen på markedet for benforankrede høresystemer i Storbritannien.
CMA vil nu gennemgå den foreløbige konklusion og tage eventuelt yderligere forhold med i betragtning, før CMA kommer med sin endelige rapport, hvilket forventes at ske senest den 5. juni 2023.
Demant og Cochlear vil fortsat samarbejde konstruktivt med CMA for at håndtere de opståede spørgsmål. Vi mener fortsat, at det er i både patienters og selskabets interesse at frasælge vores Hearing Implants-forretning til Cochlear, som er global leder inden for implantérbare høreløsninger. Som et led i transaktionen har Cochlear forpligtet sig til at servicere Oticon Medicals eksisterende patienter nu og i fremtiden.
Ud over at afvente CMA’s endelige beslutning behandles transaktionen i øjeblikket af den australske konkurrence- og forbrugerkommission, Australian Competition and Consumer Commission (ACCC), og af Europakommissionen. Derudover afventer transaktionen godkendelse i medfør af de franske regler for udenlandske direkte investeringer (FDI).
Uanset resultatet af konkurrencemyndighedernes pågående undersøgelser er vi fortsat fast besluttet på at afvikle vores Hearing Implants-forretning, idet vi står fast på vores konklusion om, at udsigten til at blive global leder inden for høreimplantater ikke er opnåelig inden for en rimelig tidshorisont uden at foretage uforholdsmæssigt store investeringer og dermed udvande koncernens lønsomhed.
I lyset af CMA’s foreløbige konklusion forventes transaktionen ikke længere at blive afsluttet i Q2 2023, og vi er på nuværende tidspunkt ikke i stand til at give en opdateret tidsplan. Når der er nyt om den påtænkte transaktion, heriblandt en opdateret tidsplan, vil vi informere om det.
Under antagelse af at transaktionen ikke afsluttes senest den 31. december 2023, forventes koncernens resultat efter skat fra ophørte aktiviteter i 2023 at blive negativt med DKK 100-200 mio. (tidligere negativt med ca. DKK 100 mio. ved afslutning i Q2 2023). Transaktionen vil ikke påvirke koncernens øvrige forventninger til 2023.
Yderligere information:
Søren Nielsen, koncernchef og adm. direktør
Telefon +45 3917 7300
www.demant.com
Øvrige kontaktpersoner:
René Schneider, CFO
Mathias Holten Møller, Head of Investor Relations
Peter Pudselykke, Investor Relations Officer
Trine Kromann-Mikkelsen, VP Corporate Communication and Sustainability
Om Demant A/S
Demant is a world-leading hearing healthcare group that offers solutions and services to help people with hearing loss connect with the world around them. In every aspect, from hearing devices, hearing implants, diagnostics to audio and video solutions and hearing care all over the world, Demant is active and engaged. Our innovative technologies and know-how help improve people’s health and hear-ing. We create life-changing differences through hearing health.
Vedhæftninger
2023-07 Foreløbig konklusion fra de britiske konkurrencemyndigheder (UK CMA) og opdatering vedrørende frasalget af Oticon Medical.pdf
20.4.2023 08:13:50 CEST | Demant A/S |
Inside information
Company announcement no 2023-07 20 April 2023
Provisional findings from the UK CMA and update on the divestment of Oticon Medical
Today, the UK Competition and Markets Authority (CMA) has published its Provisional Findings and Notice of Possible Remedies in relation to the contemplated transaction involving the divestment of our Hearing Implants business, Oticon Medical, to Cochlear Limited. In its report, the CMA provisionally concludes that the contemplated transaction may be expected to result in a substantial lessening of competition (SLC) in the supply of bone conduction solutions in the UK.
The CMA will now consult on its provisional findings and consider any further views before issuing its final report, expectedly by 5 June 2023.
Demant will continue, with Cochlear, to engage constructively with the CMA in order to address the concerns raised. We continue to believe it is in the best interest of both patients and the company to divest our Hearing Implants business to Cochlear, which is the global leader in implantable solutions for hearing loss. As part of the transaction, Cochlear has committed to servicing existing patients of Oticon Medical now and in the future.
Besides awaiting a final decision by the CMA, the transaction is currently undergoing review by the Australian Competition and Consumer Commission (ACCC) and the European Commission (EC). Also, the transaction is pending clearance under the French Foreign Direct Investment (FDI) rules.
Irrespective of the outcome of the ongoing investigations by competition authorities, we remain committed to our decision to discontinue our Hearing Implants business, as there is no change to our conclusion that the prospect of becoming a global leader in hearing implants is not achievable within a reasonable timeframe without disproportionate levels of investments and significant dilution of the Group’s profitability.
In light of the CMA’s provisional findings, the transaction is no longer expected to close in Q2 2023, and we are currently not able to provide an updated timeline. Further announcements on the contemplated transaction, including an updated timeline, will be made in due course.
If the transaction has not closed by 31 December 2023, the Group’s profit after tax from discontinued operations in 2023 is expected to be negative by DKK 100-200 million (previously negative by around DKK 100 million when assuming closing in Q2 2023). There would be no other impacts on the Group’s outlook for 2023.
Further information:
Søren Nielsen, President & CEO
Phone +45 3917 7300
www.demant.com
Other contacts:
René Schneider, CFO
Mathias Holten Møller, Head of Investor Relations
Peter Pudselykke, Investor Relations Officer
Trine Kromann-Mikkelsen, VP Corporate Communication and Sustainability
About Demant A/S
Demant is a world-leading hearing healthcare group that offers solutions and services to help people with hearing loss connect with the world around them. In every aspect, from hearing devices, hearing implants, diagnostics to audio and video solutions and hearing care all over the world, Demant is active and engaged. Our innovative technologies and know-how help improve people’s health and hear-ing. We create life-changing differences through hearing health.
Attachments
2023-07 Provisional findings from the UK CMA and update on the divestment of Oticon Medical.pdf
