(RTTNews) – VOXX International Corp. (VOXX) announced that its wholly owned subsidiary, Premium Audio Company, LLC and Sharp Corp. , had effectively entered into a joint venture to obtain secure audio/video assets from Onkyo Home Entertainment Corp. business.
The total acquisition value of the transaction is $30. 8 million, plus the assumption of secure liabilities and the long-term payment of commissions to Onkyo on certain product sales. Premium Audio Company will own approximately 75% and Sharp will own approximately 25% of the joint venture. .
The final touch of the transaction is subject to standard and regulatory final situations and is expected to be completed no later than August 30, 2021.