July 24, 2018 / 5:17 AM / 24 days ago

Italian hearing aid maker Amplifon to buy Gaes Group for $617 million

July 24 (Reuters) - Italian hearing aid maker Amplifon SpA said on Tuesday it agreed to buy privately owned peer GAES Group for an equity value of 528 million euros ($616.6 million), in a bid to enter the Latin American markets and become the No.1 player in Spain.

Amplifon said the deal is set to increase its global market share to over 11 percent and it expects synergies of about 20 million euros annually at core profit level by 2021.

($1 = 0.8564 euros)

Reporting by Thyagaraju Adinarayan in Gdynia; Editing by Vyas Mohan

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