Audiovox Buys Indianapolis Based Klipsch Group (VOXX)
For all you music lovers out there who are keen on the quality of Klipsch audio merchandise the party may be over for quality.. i hate to be a party pooper but what the hell has audiovox produced worth a damn in the past 10 years, nothing they are a holding company essentially… Perhaps with this acquisition they look to improve their position in the consumer electronics arena.
Klipsch an Indianapolis based company and its subsidiaries have agreed to sell themselves to Audiovox for 166m$. The deal is pending and not finalized. The company stated:
“Subsequent to the close of the transaction, Audiovox expects to have excess availability under the credit facility for general corporate purposes. However, there is no assurance at this time that this transaction will be completed. This transaction is expected to be accretive to cash flow and earnings per diluted share in fiscal 2012 inclusive of all costs for financing.“