Ropes & Gray Advised Patient Square Capital and Eargo on Eargo’s Merger with hearX

Ropes & Gray Advised Patient Square Capital and Eargo on Eargo’s Merger with hearX

Ropes & Gray has advised Patient Square Capital and Eargo in Eargo’s completed merger with the maker of Lexie hearing aids, hearX. The deal results in the creation of a combined company called LXE Hearing and was announced in a press release dated March 31.

The deal, backed by an additional $100 million investment from Patient Square Capital, forms a new hearing health company and is the first prominent blend for the over-the-counter (OTC) hearing aid market since establishment of the regulatory category in 2022 by the FDA. LXE Hearing will operate as one company with its two recognized consumer hearing aid brands, Eargo and Lexie Hearing.

A dedicated health care investment firm, Patient Square Capital has around $12 billion in assets under management as of December 31, 2024.

The Ropes & Gray legal team included private equity partner Jay Freedman; M&A partner Thomas Fraser; tax partner Benjamin Rogers; executive compensation & employee benefits partner Kyle Higley; finance partner Alex Zeltser; IP transactions counsel Georgina Suzuki; and private equity associate Marisa Corona.

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