Gentex Corporation Closes on its Acquisition of VOXX International Corporation

Rhea-AI Summary

VOXX International (NASDAQ: VOXX) announced the successful closing of its acquisition by Gentex (NASDAQ: GNTX) on April 1, 2025. The all-cash transaction, valued at $7.50 per share, was overwhelmingly approved by VOXX stockholders at a special meeting held on March 31, 2025.

The acquisition brings together VOXX's expertise in automotive electronics, consumer electronics, and premium audio solutions (including brands like Klipsch®, Onkyo®, and Integra®) with Gentex's technology portfolio in automotive, aerospace, fire protection, and medical industries. The deal also includes EyeLock®, an iris biometric technology.

Following the acquisition completion, VOXX has requested the suspension of its Class A Common Stock trading on Nasdaq and withdrawal of its listing. Gentex plans to leverage VOXX's consumer product distribution capabilities while applying their engineering expertise to maximize profitability across VOXX's product lines.

Positive

• All-cash acquisition provides immediate value to VOXX shareholders
• Strategic synergies between Gentex's engineering capabilities and VOXX's distribution network
• Acquisition includes valuable premium audio brands (Klipsch, Onkyo, Integra)
• Integration combines complementary technologies and market expertise
• Strong stockholder approval indicates confidence in the merger

Negative

• VOXX shareholders lose potential future upside as independent company
• Delisting from Nasdaq removes public trading opportunity
• Integration risks between different corporate cultures and operations

Insights

Financial Analyst

The completion of Gentex's all-cash acquisition of VOXX International at $7.50 per share marks a definitive conclusion for VOXX shareholders. The transaction received overwhelming stockholder approval at the March 31st special meeting, indicating strong satisfaction with the deal terms. With all regulatory approvals secured and closing conditions met, VOXX shareholders now have a guaranteed exit value in a market that has seen significant volatility.

This acquisition terminates VOXX's 60+ year history as an independent entity and will result in immediate delisting from Nasdaq. The deal structure as an all-cash transaction provides certainty and immediate liquidity without the integration risks that stock-based transactions often carry for target shareholders.

While the press release doesn't specify the total transaction value or premium paid relative to pre-announcement trading, the overwhelming shareholder approval suggests the $7.50 per share valuation met expectations. For Gentex investors, this represents a strategic expansion of their product portfolio with immediate access to VOXX's established distribution channels, premium audio brands (Klipsch, Onkyo, Integra), and biometric technology through EyeLock.

Strategic M&A Consultant

This transaction exemplifies a complementary strategic acquisition where Gentex gains immediate access to adjacent market segments and distribution capabilities. The deal logic centers on three key strategic elements: diversification, channel expansion, and technology acquisition.

Gentex, primarily known for automotive electronics, acquires VOXX's dual-market presence in both automotive and consumer electronics, potentially reducing cyclical exposure. The acquisition specifically enhances Gentex's consumer market penetration through VOXX's established retail and distribution infrastructure—particularly valuable as Gentex aims to expand its PLACE and HomeLink smart home offerings.

The technology portfolio acquisition is equally significant, with Gentex gaining EyeLock's iris biometric capabilities and premium audio brands with established market positions. Gentex leadership has specifically highlighted plans to apply their manufacturing expertise to VOXX product lines, suggesting potential operational synergies and margin improvements.

The unanimous leadership statements from both companies indicate a smooth transition with strong alignment on future direction. This transaction represents a transformative move for both entities—providing VOXX shareholders with liquidity while giving Gentex immediate scale across complementary product categories without the time-consuming process of organic market entry.

ORLANDO, Fla., April 1, 2025 /PRNewswire/ -- VOXX International Corporation (NASDAQ: VOXX) ("VOXX" or the "Company"), a leading manufacturer and distributor of automotive and consumer technologies for the global markets, as well as biometrics through a strategic joint venture, today announced the successful closing on the sale of the company to Gentex Corporation (NASDAQ: GNTX).

On December 18, 2024, the companies announced that they had entered into a definitive agreement and plan of merger ("Merger Agreement") for Gentex to acquire VOXX in an all-cash transaction at a purchase price of $7.50 per share. On March 31, 2025, VOXX held a special meeting of its stockholders (the "Special Meeting") to approve the Merger Agreement and related matters, and VOXX stockholders overwhelmingly voted in favor of the transaction. With regulatory and stockholder approval obtained and all closing conditions met, on April 1, 2025, Gentex completed its acquisition of the Company.

Ari Shalam, Chairman of the Board of VOXX International stated, "First and foremost, to all VOXX employees, both past and present, I, the Board and the management owe you a debt of gratitude. Your dedication, passion and tireless spirit have carried us through every challenge and triumph for more than 60 years. To our customers and partners, and all those we've worked with throughout the years, thank you for your trust in us. We have accomplished great things together and I personally, am grateful for the relationships and memories."

"VOXX now embarks on a new era as the acquisition of VOXX by Gentex isn't just a transaction, it's a transformation. It's a new beginning that opens doors to an even brighter future as Gentex brings a legacy of innovation, a commitment to quality and a vision for growth. We all believe the VOXX business, and its legacy is in great hands under the stewardship of Steve Downing and the entire Gentex family."

"We want to continue the legacy of VOXX Founder John Shalam," said Gentex President and CEO Steve Downing. "He was a pioneer who united the automotive and consumer electronics industries, and Gentex is perfectly positioned to expand upon his vision."

Gentex is a technology company and long-time supplier of electro-optical products for the global automotive, aerospace, fire protection and medical industries. The company is best known for automotive electronics, but continues to grow its capabilities in vision systems, sensing, AI development, biometrics, home automation, and other smart technologies.

"VOXX brings products, capabilities, and market expertise that complements our existing business lines, even beyond automotive," said Gentex Chief Operations Officer and Chief Technology Officer Neil Boehm. "For instance, we're particularly excited about utilizing VOXX's expertise in consumer product distribution, retail sales, and mass merchandising as we continue to expand our smart home product portfolio under our PLACE® and HomeLink® brands. VOXX's current business is comprised of products for the automotive OEM and aftermarket, as well as the consumer electronics industry. The acquisition also includes EyeLock®, an iris biometric technology, and the Premium Audio Company, which provides premium audio solutions through world-renowned brands such as Klipsch®, Onkyo® and Integra®. 

"We also believe there will be opportunities to apply our expertise in engineering and high-volume electronics manufacturing to various VOXX product lines, utilizing their existing automotive and consumer distribution capabilities, to maximize profitability and strengthen their business units," continued Boehm.

On April 1, 2025, VOXX notified the Nasdaq Stock Market LLC (the "Nasdaq") that the Merger had been completed, and requested that the Nasdaq suspend trading of the shares of Class A Common Stock on the Nasdaq and withdraw the Class A Common Stock from listing on the Nasdaq.

About VOXX
VOXX International (NASDAQ: VOXX) has grown into a worldwide leader in the Automotive Electronics and Consumer Electronics industries. Over the past several decades, VOXX has built market-leading positions in in-vehicle entertainment and automotive security, as well as in a number of premium audio market segments, and more. VOXX is a global company, with an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and many of the world's leading automotive manufacturers. For additional information, please visit our website at www.voxxintl.com.

About Gentex
Founded in 1974, Gentex Corporation (NASDAQ: GNTX) is a technology company that leverages its core competencies, strategic partnerships, acquisitions, and ongoing research to create market-leading positions in a variety of verticals. You can view some of the Company's latest technology at www.gentex.com.

Safe Harbor Statement
Certain information in this press release constitutes forward-looking statements, including, but not limited to, information relating to the potential benefits of the acquisition and future performance and financial condition of VOXX. Actual results could differ materially from such forward-looking information.  VOXX undertakes no obligation to update or to revise any forward-looking statements.

Investor Relations Contact for VOXX:                                                    
Glenn Wiener, President & CEO
GW Communications                   
Email: gwiener@gwcco.com

Investor Relations Contact for Gentex:
Josh O'Berski
(616) 931-3505
Josh.oberski@gentex.com

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SOURCE VOXX International Corporation

FAQ

What is the acquisition price per share for VOXX International (VOXX)?

Gentex acquired VOXX International at $7.50 per share in an all-cash transaction.

When did VOXX stockholders approve the Gentex merger?

VOXX stockholders approved the merger at a special meeting held on March 31, 2025.

What brands and technologies does Gentex acquire through the VOXX purchase?

Gentex acquires premium audio brands (Klipsch, Onkyo, Integra), EyeLock iris biometric technology, and VOXX's automotive and consumer electronics businesses.

How will Gentex integrate VOXX's business operations?

Gentex plans to apply their engineering and manufacturing expertise to VOXX product lines while utilizing VOXX's distribution networks in automotive and consumer markets.

What happens to VOXX's stock (VOXX) after the Gentex acquisition?

VOXX has requested to suspend trading and withdraw its Class A Common Stock listing from the Nasdaq.