Audiovox Reaches Agreement to Buy Klipsch
Audiovox announced Thursday that it has reached a definitive agreement to acquire Klipsch Group. The companies had announced during CES last month that they had reached a non-binding term sheet that was subject to contingencies.
The deal, for $166 million, will be financed by a combination of cash and an asset-based revolving credit facility. The transaction is expected to close within 30 days.
Klipsch will become a wholly-owned subsidiary of Audiovox and will continue to be run separately in Indianapolis.