Daniel J SaitSound United LLC has terminated its proposed acquisition of Onkyo Corporation’s consumer audio division, including the Onkyo, Pioneer, Pioneer Elite and Integra brands, stating that “after months of rigorous work and negotiations, it became apparent that all of the necessary closing conditions could not be satisfactorily achieved”.
In mid-May, Sound United LLC announced the signing of a term sheet agreement to acquire Onkyo Corporation’s consumer audio division.
As was shared at the time, the completion of the transaction was subject to several conditions, including the finalisation of all definitive agreements, completion of satisfactory due diligence, securing of committed financing and various other required approvals.
Sound United says it will continue its mission of ‘bringing joy to the world through sound’ through organic growth with its existing brands and through opportunistic acquisitions.