The transaction, if approved by regulators, should be completed within three months and will cost Sonova about $506 million. The deal announced Monday is being financed by cash and debt. Advanced Bionics chief executive Jeff Greiner said the company, which pulled in $117 million in revenue in 2008, will remain an independent business unit within Sonova and will not undergo restructuring. 'It's a standard acquisition, part of a very deliberate, thoughtful strategic plan in which we fit perfectly,' he said. 'These guys can make us better.' Sonova hopes that its technology and distribution networks and financial clout will double Advanced Bionics' sales in the next three to five years. Founded in 1993 by billionaire biotech investor Alfred E. Mann, who also launched bio-pharmaceutical company Mannkind Corp., Advanced Bionics has an 18 percent share in the global cochlear implant market and sells in more than 30 countries. The company's hearing aids are surgically implanted in the inner ear, relying on a system of processors, transmitters and electrodes that translate external sound into electrical signals for those with hearing loss. The tiny pacemaker-like devices and accompanying system cost roughly $25,000 each. Greiner said he will stay on as chief executive. Mann, who is chairman of the board and 'the spiritual and cultural head of the company,' may hold an advisory role but probably will not be an active participant once Sonova takes over, he said. Known as Phonak Holding AG until 2007, Sonova is present in more than 90 countries and employs more than 5,300 people, with its own manufacturing facilities, wholesale network, independent distributors and retail stores. 'With this transaction, Sonova adds a new source of sustainable business growth and enhances its position as the leading provider of hearing health care solutions,' Chief Executive Valentin Chapero said. But Sonova has struggled with past acquisition attempts. In 2007, the German Federal Cartel Office blocked Sonova's purchase of ReSound Group, a Denmark-based hearing aid company. At the time, the deal was worth 3.3 billion Swiss francs, or $2.7 billion. Advanced Bionics also has had a tortured history with acquisitions. In 2004, it was bought for $740 million by Boston Scientific Corp., a medical device business based in Natick, Mass., with more than $3 billion in potential future progress payments. But the companies ended up battling for control in federal court before agreeing to unwind the original deal. Boston Scientific made payments to the Advanced Bionics management team of $650 million in 2008 and $500 million in 2009. Of that, Advanced Bionics used $150 million to buy back its auditory and drug pump development programs, leaving Boston Scientific with spinal cord stimulation and other emerging technologies. Greiner said the match with Sonova should be stronger. 'After going through a brutal divorce, of course there was concern about getting married again after two years,' he said. 'We may be jumping into the frying pan again, but we spent six months in intense discussions so we could get to know one another better.' 