UPDATE: Bowers & Wilkins Responds to Sound United’s Acquisition Announcement
Following the news that Sound United announced its intent to acquire Bowers & Wilkins reported by us earlier today, B&W has provided a statement to StereoNET with further clarification.
As reported here, the preliminary letter of intent to acquire Bowers & Wilkins means the proposed transaction “remains subject to ongoing discussions, confirmatory diligence, regulatory approvals, and other required consents.”
Sound United Brands
Geoff Edwards, CEO of Bowers & Wilkins added:
Discussions between Bowers & Wilkins and Sound United are at an early stage with a view to consolidating our premium brands into a new group offering even better consumer opportunities. If our discussions are successful, combining Bowers & Wilkins’ engineering and manufacturing expertise in the premium category with the breadth of resources and capability of Sound United could certainly be a transformative step for both brands. It would allow the Bowers & Wilkins team even greater opportunities to focus on what we do best – building the industry’s finest loudspeakers,
The statement goes on to say that should the deal proceed, “Sound United would acquire all worldwide third-party distribution and licensing agreements under which Bowers & Wilkins premium audio products are currently sold.”
According to Bowers & Wilkins this does not affect any of the existing Bowers & Wilkins product portfolio or any of the products Bowers & Wilkins currently distributes or current global operations.
More as the story unfolds.