A week after announcing the $30 million deal, Mad Catz has closed the acquisition of peripheral manufacturer Saitek.
Game accessory manufacturer Mad Catz has finalized the acquisition of PC products producer Saitek. The $30 million purchase was comprised of $15.5 million in cash from reserves and borrowings and $14.5 million in convertible notes that can be traded for the company's stock at $1.42 per share, a 15% premium to the average closing price of MCZ shares over the past 15 trading days. Mad Catz aims to use Saitek's European and Asian position to expand its own reach.
Darren Richardson, Chief Executive Officer of Mad Catz, commented, "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."