Steelseries to be acquired by GN

SteelSeries, a Copenhagen, Denmark-based company producing software and hardware for gamers, announced getting into an agreement for being acquired by GN, a Danish manufacturer of hearing, audio and video systems.

The transaction was made for DKK 8 billion ($1.24bn). Deal was made with existing shareholders from Axcel, which acquired the company for $300 million in 2019.

SteelSeries, founded as Soft Trading by Jacob Wolff-Petersen in 2001 and led by CEO Ehtisham Rabbani, manufactures computer peripherals targeted towards serious gamers including headset, mice, mice pad, keyboard, and other gaming gears. SteelSeries has become the leading premium brand in the gaming category, offering the most advanced integrated software and hardware platform for professional and enthusiast gamers alike playing across all modalities.

SteelSeries has ~350 employees (of which 80 are software engineers) and has offices in Denmark, France, the U.S., China and Taiwan. In 2020, SteelSeries delivered pro forma revenue of DKK 2,175 million and an adj. EBITA margin of 13.3%. In H1 2021, SteelSeries delivered revenue of DKK 1,296 million and an adj. EBITA margin of 14.0%, which is an improvement compared to H1 2020, making the company comfortably on track to deliver strong growth in revenue and EBITA in 2021 on top of the historical strong performance in 2020.