HongShan Capital Group is close to acquiring iconic audio equipment maker Marshall Group for about $1.1 billion. Bloomberg News reports this, citing sources.

The Marshall family may retain some ownership.

HongShan, formerly known as Sequoia China, has reportedly won the bidding against other investors. Negotiations are in the final stages and an agreement could be reached in the coming days.

Founded in 1962 in the UK, Marshall has operations in more than 90 countries and was acquired in 2023 by Sweden's Zound Industries, after which Altor Equity Partners bought a major minority stake. Today, the company sells everything from speakers to headphones.