The Bundeskartellamt has cleared the acquisition of KIND GmbH, including its nationwide network of around 600 Kind retail stores as well as the hearing aid manufacturer audifon GmbH, by Demant A/S. The decision follows a renewed filing of the transaction after the parties adjusted their original plans.

𝐄.𝐂𝐀 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬 𝐬𝐮𝐩𝐩𝐨𝐫𝐭𝐞𝐝 𝐰𝐢𝐭𝐡 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐚𝐧𝐚𝐥𝐲𝐬𝐢𝐬

Our team of economists calculated market shares and carried out an extensive qualitative assessment of competition in local markets. This included analysing competitive conditions in numerous catchment areas—reflecting the authority’s detailed review of around 80 local markets—as well as conducting a price-concentration analysis. E.CA also supported with identifying the most efficient divestment package necessary to address the authority’s initial concerns. The E.CA team was led by directors Hans W. Friederiszick and Bas Dessens. The team further comprised the following colleagues: Raphaël Poncet, Paul Püplichhuisen, Luca Rancati, and Simon Specht.

𝐎𝐯𝐞𝐫𝐚𝐥𝐥 𝐜𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐨𝐧 𝐫𝐞𝐦𝐚𝐢𝐧𝐬 𝐬𝐭𝐫𝐨𝐧𝐠

Together with Demant’s more than 350 existing locations, operating under regional brands, the merger creates the largest hearing-aid retail chain in Germany, with around 1,000 stores. Despite preliminary concerns in several regional markets, the overall competitive landscape remains robust.

Germany has more than 7,000 hearing-aid retail stores. Large national chains, numerous regional chains as well as independent retailers continue to ensure ample consumer choice. Additional competition comes from optical chains which increasingly offer hearing-care services, as well as ENT practices providing hearing-aid fittings.

The Bundeskartellamt concluded that remaining concerns fell below the de minimis threshold. The acquisition also raises no issues on the manufacturing side: despite Demant’s significant global position, consumers continue to benefit from fierce competition among global manufacturers. The authority found no negative impact on innovation or vertical competition.