GN Store to acquire esports peripherals provider SteelSeries for $1.2bn
GN Store Nord has agreed to acquire SteelSeries, a Danish manufacturer of gaming peripherals and accessories, for DKK 8 billion ($1.24 billion).
The Danish intelligent audio solutions provider is buying SteelSeries from Nordic private equity firm Axcel.
SteelSeries manufactures headsets, mice, keyboards, mousepads, controllers, and accessories that are software-enabled and system-integrated.
Ehtisham Rabbani — CEO of SteelSeries said: “SteelSeries is a premium gaming gear brand with a single-minded focus on helping gamers achieve glory. We are thrilled to become part of GN.
“The fit is perfect as we both share a relentless drive for creating cutting-edge technology to delight our customers.
“We see great upside in leveraging each organization’s unique strengths to build an even more formidable, unified company.”
According to GN Store Nord, the acquisition of the esports peripherals provider will bring complementary engineering competencies, differentiated brands, commercial capabilities, a huge customer base and an innovative product offering. It will also add further technical expertise and IP to the hearing aids and headsets manufacturer.
On the other hand, SteelSeries is expected to gain from GN Store Nord’s commercial and operational capabilities, and financial base, which will enable it to make further inroads in the market for premium software-enabled gaming gear.
René Svendsen-Tune — CEO of GN Audio said: “We have for some time searched for the right way for GN to enter the very interesting gaming market, being keenly interested in the “high-end” segment. SteelSeries delivers on this aspiration of ours and we see a perfect match in terms of technology and commercial capabilities, premium brand positioning, and growth ambitions.
“SteelSeries brings a highly relevant and competitive portfolio and strong engineering competencies. Combining our forces will benefit both organizations as we enter a future where demand for our portfolios of products will continue to be strong.”
The deal, which is subject to customary regulatory approvals, is expected to close in early 2022.