VOXX International Closes $196 Million Sale to Gentex
Deal News | Jan 02, 2025 | Bryan Cave Leighton Paisner LLP
VOXX International Corporation, a leading manufacturer and supplier of automotive and consumer electronics, has entered into a definitive merger agreement with Gentex Corporation. The deal, valued at approximately $196 million, is set to be an all-cash transaction pricing VOXX shares at $7.50, representing a 163% premium over its unaffected stock price. This comes after an unsolicited offer from Gentex, which already had significant stock and voting interests. A specially formed transaction committee evaluated and negotiated the offer, resulting in unanimous approval for the merger. The Shalam family, holding a majority voting power in VOXX, has committed its support, pending stockholder approval and regulatory conditions. Bryan Cave Leighton Paisner LLP advised VOXX, with extensive legal and financial advisory input, while Jones Day represented Gentex. The deal is expected to complete in the first quarter of 2025.
Sectors
- Automotive Electronics
- Consumer Electronics
Geography
- United States – Both VOXX International and Gentex Corporation are based in the United States, making it the primary geography for this transaction.
Industry
- Automotive Electronics – Both VOXX International and Gentex Corporation operate in the automotive electronics industry, providing products critical to vehicular technology.
- Consumer Electronics – VOXX International is a significant player in the consumer electronics sector, which is integral to the transaction details shared.
Financials
- $196 Million – Aggregate enterprise value of the transaction between VOXX International and Gentex Corporation.
- $7.50 per share – Price per share valuation in the all-cash transaction for VOXX International.
- 163% – Premium over VOXX's unaffected stock price of $2.85.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| VOXX International Corporation | Target | Company | A leading global manufacturer and supplier of automotive and consumer electronics products. |
| Gentex Corporation | Buyer | Company | A global supplier of high-tech electronic products for the automotive, aerospace, and commercial fire protection industries. |
| Bryan Cave Leighton Paisner LLP | Legal Advisor to VOXX | Company | The legal firm advising on the merger for VOXX International. |
| Solomon Partners | Financial Advisor to VOXX | Company | Provided financial advisory services to the VOXX transaction committee. |
| Jones Day | Legal Advisor to Gentex | Company | Provided legal advice to Gentex Corporation in the transaction. |
| Acropolis Advisors | Financial Advisor to Gentex | Company | Provided financial advisory services to Gentex Corporation. |
| Stopol & Camelo, LLP | General Legal Counsel to VOXX | Company | Served as the general legal counsel for VOXX International. |
| Richards, Layton & Finger | Delaware Law Advisor | Company | Consulted with BCLP on Delaware law matters. |