Premium Audio/Sharp's JV To Acquire Audio/Video Business Of Onkyo Home Entertainment

(RTTNews) - VOXX International Corp. (VOXX) said that its wholly-owned subsidiary, Premium Audio Company, LLC, and Sharp Corp. have successfully entered into a joint venture to acquire certain assets of the audio/video business of Onkyo Home Entertainment Corp.

The total purchase price for the transaction is $30.8 million, plus the assumption of certain liabilities and future payment of commissions to Onkyo on certain product sales. Premium Audio Company will own approximately 75% and Sharp will own approximately 25% of the JV.

Finalization of the transaction is subject to customary and regulatory closing conditions and is expected to be consummated on or before August 30, 2021.