Gentex to Acquire VOXX International in Strategic Merger

Gentex Corporation, a leader in digital vision, connected car, dimmable glass, and fire protection technologies, has signed a definitive agreement to acquire VOXX International Corporation in an all-cash transaction. The purchase price is $7.50 per share for all outstanding shares of VOXX, not already owned by Gentex. The transaction is anticipated to close in the first quarter of 2025, pending shareholder and regulatory approvals. The acquisition will expand Gentex's product portfolio, offering access to VOXX's automotive OEM and aftermarket businesses, consumer electronics, and particularly, the EyeLock iris biometric technology. The deal also includes the Premium Audio Company, renowned for brands such as Klipsch and Onkyo. Gentex projects an annual revenue increase between $350 million to $400 million and anticipates a pro-forma annual EBITDA contribution of $40 to $50 million post-acquisition. Tax benefits are also expected due to VOXX's tax loss carryforwards. The acquisition aligns with Gentex's growth strategy, and advisors for the deal include Jones Day, Acropolis Advisors, Solomon Partners, and others.