GN Completes 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 the 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.