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SteelSeries, global brand leader in esports peripherals joins forces with GN, global leader in audio technology
COPENHAGEN | CHICAGO – JANUARY 12, 2022 – On October 6, 2021, GN announced an agreement to acquire SteelSeries - a global pioneer in premium software-enabled gaming gear.
All necessary conditions, including relevant regulatory approvals, have been met and today GN has completed its acquisition of the SteelSeries group.
SteelSeries will be a new growth engine to GN, operating with its own identity, brand and execution strength while benefitting from the industry-leading capabilities and track record of GN Audio to drive continuous growth and value creation. The core technology competencies of GN and SteelSeries complement and align very well, and it is anticipated that the combination will produce significant scaling opportunities and revenue synergies when combining SteelSeries with GN’s extensive global distribution footprint. Consequently, annual run-rate operational synergies of around DKK 150 million by end of 2022 are expected.
The transaction represents an enterprise value on a cash and debt-free basis of DKK 8.0 billion. The acquisition is funded as 100% cash payment financed through the existing cash balance, the EUR 600 million 0.875% coupon Eurobond issuance announced on November 17, 2021, and a bridge loan, which GN expects to replace with other debt instruments.
The financial guidance for 2022, including SteelSeries, will be communicated in connection with the Annual Report 2021.
For further information, please contact:
Investors and analysts
Henriette Wennicke Vice President – Investor Relations & Treasury Tel: +45 45 75 03 33
Director – Investor Relations & Treasury
Tel: +45 45 75 92 57
Press and the media
Lars Otto Andersen-Lange Head of Media Relations & Corporate Public Affairs Tel: +45 45 75 02 55
About GN Group
The GN Group enables people to Hear More, Do More and Be More through its intelligent hearing, audio and video collaboration solutions. Inspired by people and driven by our innovation leadership, we leverage technological synergies between our hearing and audio divisions to deliver unique and increasingly individualized user experiences in our products and solutions.
150 years ago, GN was founded with a truly innovative and global mindset. Today, we honor that legacy with world-leading expertise in the human ear, sound and video processing, wireless technology, miniaturization and collaborations with leading technology partners. GN's solutions are marketed by the brands ReSound, Beltone, Interton, Jabra, BlueParrott, SteelSeries and FalCom in 100 countries. Founded in 1869, the GN Group employs 6,500 people and is listed on Nasdaq Copenhagen (GN.CO). Visit our homepage GN.com - and connect with us on LinkedIn, Facebook and Twitter.
SteelSeries is the worldwide leader in gaming and esports peripherals focused on premium quality, innovation, and functionality. Founded in 2001, SteelSeries improves performance through first-to-market innovations and technologies that enable gamers to play harder, train longer, and rise to the challenge. SteelSeries is the pioneering supporter of esports and competitive gaming tournaments, connecting gamers and fostering a sense of community and purpose. SteelSeries’ family of professional and gaming enthusiasts are the driving force behind the company and help influence, design, and craft every single accessory and the brand’s software ecosystem, SteelSeries GG. In 2020, SteelSeries acquired KontrolFreek, the industry leader in high-performance controller accessories, and Nahimic, the leader in 3D sound solutions for gaming. To learn more about SteelSeries, visit SteelSeries.com and join the conversation at @SteelSeries.
Chicago, Jan. 12, 2022