Swiss computer and electronics peripheral maker Logitech announced it closed a deal with Mad Catz to buy the Saitek brand for $13 million in cash. With this acquisition, Logitech gets its hands on Saitek's line of gaming products, which includes flight, space and farm simulation peripherals.
Logitech explains the purchase compliments its Logitech G gaming product lineup and hints at future controllers for VR games.
Logitech International (SIX: LOGN) (Nasdaq: LOGI) today announced that it has acquired Mad Catz Interactive Inc.’s (NYSE MKT: MCZ) Saitek® brand and the Saitek line of flight and space simulation game controller assets for $13 million in cash.
Ujesh Desai, vice president and general manager of gaming at Logitech said: “We’re pleased with this tuck-in acquisition of the Saitek product portfolio. The Saitek product line complements our market-leading portfolio of Logitech G gaming products, including simulation products like our G29 and G920 Driving Force steering wheels, and expands our leadership position at a very exciting time for gaming.”
This asset acquisition is not considered material to Logitech’s quarterly or full-year financial results.