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Amplifon downgraded by Barclays, Jefferies after surprise €2.3 bln GN deal

. Amplifon, the king of hearing aid retail, just decided to buy the factory. By acquiring GN Store Nord’s hearing division for €2.3 billion, they are attempting a massive "vertical integration" play. But the market isn't applauding; it’s covering its ears. Barclays and Jefferies immediately downgraded the stock because, in a world of high interest rates, a "surprise" multi-billion euro debt pile is a very loud distraction from an otherwise clean balance sheet.

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