VOXX - VOXX unit enters joint venture with Sharp to acquire certain assets of Onkyo

Ethan Miller/Getty Images News Premium Audio Company, a wholly-owned subsidiary of VOXX International ([[VOXX]] +0.4%)  and Sharp ([[SHCAY]] -1.7%) entered into a joint venture to acquire certain assets of the audio/video business of Onkyo Home Entertainment, pursuant to the asset purchase agreement signed by the parties as announced on June 3. The proposed transaction has been approved by Onkyo shareholders and was previously approved by Onkyo's board. The total purchase price for the transaction is $30.8M, plus the assumption of certain liabilities and future payment of commissions to Onkyo on certain product sales. Under the terms of the deal, Premium Audio will own ~75% of the JV, and will handle distribution worldwide and be responsible for all sales and marketing activities; Sharp will own ~25% of the JV and though its manufacturing facility in Malaysia, will be responsible for manufacturing. The acquisition will provide the JV with ownership of the brands, intellectual

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VOXX unit enters joint venture with Sharp to acquire certain assets of Onkyo