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2011 CES: Audiovox Plans To Buy Klipsch Group

1/06/2011 10:04:04 AM Eastern

Las Vegas - Audiovox
came to International CES with the announcement that it intends to buy Klipsch
Group, the home-speaker maker whose brands include Klipsch, Jamo, Mirage and
Energy.

Audiovox said it recently
signed a non-binding term sheet to purchase all of the shares of Klipsch Group
and its worldwide subsidiaries.

The transaction is
subject to the completion of due diligence, negotiations, and signing of
definitive agreements and requisite approvals, Audiovox said.

Audiovox said it expects
to finance this transaction through a combination of cash and a committed
credit facility. Additional terms of the transaction were not disclosed.