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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.
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