Sound United has announced the termination of the agreement to acquire Onkyo's home audio division, announcing in a statement that the two companies have "mutually agreed" not to complete the deal.
The acquisition plans were revealed back in May, but it has since become apparent "that all of the necessary closing conditions could not be satisfactorily achieved".
Completion of the deal was naturally subject to various conditions, completion of satisfactory due diligence and securing of committed financing. It seems not all the boxes managed to get ticked.
Sound United already boasts brands including Denon, Marantz, Polk Audio, Classé and Boston Acoustics in its portfolio.
The move to add Onkyo's consumer audio division, which includes the Onkyo, Pioneer, Pioneer Elite, and Integra brands, was set to make the company an even bigger player in the home audio market. But for now at least, that deal is off.
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