Closing of acquisition of SteelSeries
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 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
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 7,000 people and is listed on Nasdaq Copenhagen (GN.CO).