Amplifon SpA has agreed to acquire GN Store Nord A/S's hearing-aid business for 17 billion Danish kroner ($2.6 billion), a deal that sent GN Store Nord's shares soaring 42% in record gains. The Milan-based company will pay 12.6 billion kroner in cash and issue 56 million shares for the business, according to a joint statement.

This acquisition positions Amplifon as a stronger competitor in the hearing-aid market, where it will face off against much larger players like EssilorLuxottica SpA. The combined operation will generate approximately €3.3 billion in revenue and operate in over 100 countries, marking Amplifon's most transformative acquisition in its 75-year history. Investment economist Per Hansen described the purchase price as "very high" relative to GN Store Nord's share price.

The deal is expected to deliver €60 million to €80 million in net Ebitda benefits by 2029, though integration costs of around €80 million are anticipated over the next two to three years. The transaction, subject to regulatory approvals, is slated to close by year-end. GN Store Nord, which held about 8% of global market share in 2023, is one of three European hearing-aid makers controlling roughly two-thirds of the global market.