Gigaset Communications GmbH sells business operations to Snom Solutions GmbH as part of an asset deal

Ad hoc Release
WKN: 515600 / WKN A14KQ7

Bocholt, January 24^th, 2024

Gigaset Communications GmbH sells business operations to Snom Solutions GmbH as part of an asset deal

Bocholt, January 24^th, 2024 [12:51] – Gigaset AG announces that its indirect subsidiary Gigaset Communications GmbH, which has been in insolvency proceedings under its own administration since 20 September 2023, today agreed to sell significant assets to Snom Solutions GmbH as part of an asset deal and thus transfer its business operations to Snom Solutions GmbH.

Snom Solutions GmbH is a provider of VoIP-based information and telecommunications technology and corresponding software based in Berlin. It is an indirect subsidiary of VTech Holdings Limited, a leading global manufacturer of electronic learning products for toddlers and preschoolers and the largest manufacturer of landline telephones in the United States.

Conditions still have to be met as part of the takeover, so that the transaction is expected to be completed on April 2^nd 2024. The intangible assets of the seller, including all IP rights as well as land, plant and equipment, technical equipment and machinery as well as inventories in connection with the development, production and sale of DECT telephones will be transferred to Snom Solutions GmbH. On this basis, the planned reorganisation and securing the economic future of the business operations will then take place.

Gigaset AG, Bocholt, is an internationally active company in the field of communications technology. The company is Europe's market leader in DECT telephones and is also an international leader with around 850 employees and sales activities in over 50 countries. In addition to DECT cordless phones, its business activities include Android-based smartphones, cloud-controlled smart home applications and business telephony solutions for SoHo, SMEs and enterprise customers. The traditional company with a 175-year company history is characterised in particular by its "Made in Germany" production. The company is headquartered in Bocholt, Germany. It also maintains a software development centre in Wroclaw, Poland, as well as numerous sales offices in Europe and Asia.