Zeeland, MI-based automotive electronics manufacturer Gentex Corporation agreed to acquire VOXX International Corporation in a deal valued at $196 million.
The transaction is expected to close in the first quarter of 2025.
Gentex currently holds about a 10% stake in VOXX, including a nearly $16 million investment made this past August. It will acquire the remaining shares of VOXX common stock at $7.50 per share.
Orlando, FL-based VOXX is an automotive electronics manufacturer and distributor. The company owns more than 20 consumer electronics brands, such as Klipsch, Onkyo, and Magnat. Its automotive segment includes brands like Code-Alarm, Viper, Rostra, and Directed. The company was originally founded in 1960 by John Shalam and named Audiovox.
According to a Dec. 18 news release, VOXX’s revenue largely comes from its automotive OEM and aftermarket businesses, as well as consumer electronics. Through this transaction, Gentex will gain access to EyeLock’s iris biometric technology, which the company said expands its product offerings in the automotive, aerospace and medical markets.
The acquisition also includes VOXX’s Premium Audio Company, which Gentex said it plans to expand in consumer technology and home markets through its current products.
Gentex said it believes the deal will drive long-term growth, profitability and shareholder value through expanded revenue in existing and new markets, along with growth from acquired technologies.
The company expects the acquisition to boost its annual revenue by $350 million to $400 million.
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