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HONG KONG, April 5, 2024 /PRNewswire/ -- VTech Holdings Limited ("VTech", HKSE: 303), a global leader in e-learning products from infancy to preschool and the largest manufacturer of home phones in the United States United States, today announced that Gigaset Technologies GmbH (formerly known as Snom Solutions GmbH), its indirect wholly owned subsidiary, has completed the acquisition of the assets (including manufacturing facilities located in Bocholt, Germany) of Gigaset Communications GmbH (" Gigaset"). The acquisition was financed with internal resources.
The asset purchase agreement was announced on January 24, 2024 and the transaction was completed on April 5, 2024. With the acquisition, VTech gains its first manufacturing facilities in Europe through Gigaset's factory in Bocholt, Germany . Gigaset's businesses in DECT (Digital Enhanced Cordless Telecommunications) cordless phones, business telephony solutions for corporate customers and Android-based mobile communications will be managed and operated by a new VTech entity, Gigaset Technologies GmbH. Before the closing of the acquisition, Gigaset ended its cloud-based smart home business.
Online meeting with investors
VTech will hold an online meeting to discuss the information contained in this press release and related matters at 16:30, April 18, 2024 (Hong Kong time). To register: tinyurl.com/yvf839yp. Participants must join the meeting at least 15 minutes before the scheduled start time.
Beginning at 10:00 p.m. on April 18, 2024 (Hong Kong time), the archived meeting video will be accessible via VTech's website ( www.vtech.com/en/investors/financial- briefings).
About VTech
VTech is the world leader in electronic learning products from infancy to preschool and the largest manufacturer of home phones in the United States. It also offers highly sought-after contract manufacturing services. Since its founding in 1976, VTech has been a pioneer in the electronic learning toy category. Through advanced educational expertise and cutting-edge innovations, VTech products provide fun and learning to children around the world. Leveraging decades of success in wireless telephony, VTech's diverse collection of telecommunications products elevates the experience for home and business users with the latest in technology and design. As one of the world's leading electronic manufacturing service providers, VTech offers its customers world-class complete turnkey services across various product categories. The Group's mission is to integrate economic growth, environmental protection and social responsibility in its business strategies to design, manufacture and supply innovative and high-quality products for the well-being of people and the benefit of society, with the objective of driving sustainable value for its shareholders and communities.
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