Video games peripherals manufacturer, Mad Catz, has announced it has finalised its acquisition of electronic games specialist, Saitek for $30 million.
The announcement comes one week after the deal was initialised.
Darren Richardson, president and CEO of Mad Catz said, “Saitek immediately advances Mad Catz’ industry position as one of the world’s leading games peripherals companies and provides us with a strong and established presence in the PC peripherals business.
“We are excited to move forward with the combined Mad Catz and Saitek team to profitably grow both the console games and PC peripherals businesses and, most importantly, to capitalize on the opportunities our combined capabilities create to meaningfully grow shareholder value.” Richardson said.
The deal, which was subject to working capital adjustment, comprised of $15.5 million in cash from Mad Catz’ cash on hand and borrowings under the Company’s existing credit facility, as well as the issuance to the seller by Mad Catz of $14.5 million of convertible notes.