Cochlear Limited (ASX:COH) agreed to acquire Oticon Medical A/s from Demant A/S (CPSE:DEMANT) for DKK 850 million on April 27, 2022. Of the total consideration of DKK 850 million, DKK 700 million will be paid in cash at closing and DKK 150 million within 18 months after closing. In 2021, Oticon realized revenue of DKK 512 million and Negative EBIT of DKK 117 million. Subject to regulatory approvals and other customary closing conditions and receipt of competition approval. The acquisition is conditional upon approval from each of the CMA, the Australian Competition and Consumer Commission and the European Commission. On October 11, 2022 the CMA launched its phase 1 merger investigation for the acquisition of Oticon Medical A/S. The transaction is expected to close in second half of 2022, following consultation of relevant workers? councils. As of December 1, 2022, The ACCC has advised a provisional final decision date of March 16, 2023. As on December 7, 2022, The CMA?s competition concerns only relate to the supply of bone conduction solutions in the UK and do not relate to the supply of cochlear implants. Cochlear and Demant have until 13 December to submit undertakings to address the CMA?s competition concerns. As of December 20, 2022, Competition and Markets Authority decided to refer this Merger for a phase 2 investigation. As of April 20, 2023, CMA has provisionally found competition concerns as part of its in-depth investigation and has kept the deadline for submitting responses to the provisional findings as May 11, 2023. The CMA?s final report is expected by June 5, 2023. Cochlear awaits feedback from the Australian Competition and Consumer Commission and the European Commission as well as the outcome of the review by the French Foreign Direct Investment authority. As a result of the CMA?s findings, the transaction is no longer expected to close before June 30, 2023. As on June 22, 2023, following the report published by UK Competition and Markets Authority, Demant and Cochlear agreed to amend scope of the original transaction, involving the divestment of Demant?s Hearing Implants business, Oticon Medical, to Cochlear Limited. The amended transaction only involves Demant?s cochlear implants (CI) business, whereas the bone anchored hearing systems (BAHS) business is no longer part of the transaction and will thus remain with Demant for now. The UK Competition and Markets Authority published its final report that does not raise competition concerns and is permitted to proceed, subject to the CMA?s approval of the terms of all agreements related to the transfer of the CI business to Cochlear. As on August 2, 2023, CMA proposes to accept the attached proposed Final Undertakings; and proposed Final Undertakings seek to address the SLC identified in the Report and any adverse effects resulting from the SLC. As of August 15, 2023, the acquisition is expected to complete by end December 2023. AS of October 9, 2023, European Commission approved the acquisition of Oticon Medical. As of February 19, 2024, the acquisition is expected to complete by the end of June 2024. As of April 4, 2024, Australian Competition and Consumer Commission decided not to oppose the acquisition of Oticon Medical. Ash Chandhok Tiwari of Baker & Mckenzie LLP acted as legal; advisor to Cochlear.

Cochlear Limited (ASX:COH) completed the acquisition of Oticon Medical A/s from Demant A/S (CPSE:DEMANT) on May 21, 2024. The transaction has got all the regulatory and customary closing conditions fulfilled.