Pitch Best MidCap Deal 2022: Sonos – Mayht Technologies 

Name of the deal: Sonos acquires Mayht Technologies  
Date announced: 7 April 2022  
Date closed: 11 April 2022  
Published value: 92.65 million euros  
Buyer(s): Sonos  
Target: Mayht Technologies  
Seller: Mayht Holding, FORWARD.one  

Involved firms and advisors  

Involved firms and advisors buy side:   
Meijburg & Co (Tax Advisory), Stibbe (Legal Advisory Corporate M&A)  

Involved firms and advisors target:   
Osborne Clarke (Legal Advisory Corporate M&A)  

Involved firms and advisors sell side:   
Mayht Holding: Osborne Clarke (Legal Advisory Corporate M&A) FORWARD.one: Clifford Chance (Legal Advisory Corporate M&A)  

Pitch   

Brief description deal / Deal outline   
Sonos Inc, the United States based provider of wireless multi-room home audio systems has acquired Mayht Technologies Ltd, the Netherlands based developer of loudspeaker technology. ($100 million).    

Why should this deal win the Award for Best Mid-Cap Deal 2022?   
Sonos Inc, the United States based provider of wireless multi-room home audio systems has acquired Mayht Technologies Ltd, the Netherlands based developer of loudspeaker technology. ($100 million). The transaction is characterized by skilled execution, a competitive purchase price and an excellent strategy behind the transaction. The integration of Mayht’s transducer technology will enable Sonos to take another leap forward in their product portfolio. This strategic acquisition for Sonos gives Sonos certain technology and intellectual property that will enhance its competitive advantage, and accelerate its future roadmap. Under the terms of the agreement Sonos acquired Mayht for approximately $100 million in existing cash on hand. The selling shareholder included the founders, the Dutch university TU Delft and Martin Garrix. The integration of Mayht’s technology into Sonos products can possibly further revolutionize high quality sound and set a new standard in the audio industry. The deal was complex due to the intensive negotiations with the founders of the target who were retained after the acquisition and the rather complex product portfolio of the target (mainly consisting of complex technology and intellectual property). The deal was negotiated under considerable time pressure.    

Deal rationale:   
The integration of Mayht’s transducer technology will enable Sonos to take another leap forward in their product portfolio.  

What is the impact of this deal for the company?   
This strategic acquisition for Sonos gives Sonos certain technology and intellectual property that will enhance its competitive advantage, and accelerate its future roadmap.  

What is the impact of this deal for the direct stakeholders?   
Under the terms of the agreement Sonos acquired Mayht for approximately $100 million in existing cash on hand. The selling shareholder included the founders, the Dutch university TU Delft and Martin Garrix.  

What is the impact of this deal on society?   
The integration of Mayht’s technology into Sonos products can possibly further revolutionize high quality sound and set a new standard in the audio industry.  
  
What was most complex about this deal?   
The deal was complex due to the intensive negotiations with the founders of the target who were retained after the acquisition and the rather complex product portfolio of the target (mainly consisting of complex technology and intellectual property). The deal was negotiated under considerable time pressure.