As rumored throughout the week, at present, American laptop peripherals firm Corsair formally introduced that they’re negotiating to accumulate sim racing specialist Endor AG, homeowners of the established Fanatec model.
Apparently, Corsair has already reached an settlement with Endor AG to fund its short-term money drawback and the restructuring of Endor’s €70 million debt. If all goes as deliberate, Corsair resolving Fanatec’s monetary points ought to end in Corsair buying Endor AG.
Press Launch:
CORSAIR PURSUING AN ACQUISITION OF FANATEC, THE LEADING BRAND FOR SIM RACING HARDWARE
CORSAIR® (Nasdaq: CRSR) introduced at present that it has entered unique negotiations to accumulate sim racing specialist Endor AG, homeowners of the world-famous Fanatec model. CORSAIR has reached an settlement with Endor to fund its short-term money wants whereas each firms negotiate a restructuring of Endor’s roughly €70 million of debt, which is able to finally end in CORSAIR buying Endor if the transaction is authorized beneath a German law-governed insolvency course of.
“Fanatec is an unbelievable model with a powerful neighborhood, and we imagine CORSAIR is the perfect residence for Fanatec’s loyal clients, workers, and enterprise companions,” mentioned Corsair CEO, Andy Paul. “This transaction would clear up the corporate’s vital debt load and place the corporate for development and continued product portfolio growth.”
This sentiment is echoed by Endor. “We’re very happy to have discovered a strategic investor in Corsair who is aware of our market effectively and needs to speculate for the long run,” mentioned Andres Ruff, CEO and Chief Restructuring Officer of Endor.
Endor is a number one producer of devoted sim racing {hardware}, together with pressure suggestions steering wheels, pedals, and full cockpits for PlayStation, Xbox, and PC-based racing simulators. This acquisition bolsters the funding CORSAIR has made within the simulation area, and means it’s uniquely positioned going ahead to supply main sim racing options.
About CORSAIR
CORSAIR (Nasdaq: CRSR) is a number one international developer and producer of high-performance gear and know-how for avid gamers, content material creators, and PC lovers. From award-winning PC parts and peripherals to premium streaming tools and sensible ambient lighting, Corsair delivers a full ecosystem of merchandise that work collectively to allow everybody, from informal avid gamers to dedicated professionals, to carry out at their absolute best.
Copyright © 2024 Corsair Gaming, Inc. All rights reserved. CORSAIR and the sails emblem are registered emblems of CORSAIR in america and/or different international locations. All different firm and/or product names could also be commerce names, emblems, and/or registered emblems of the respective homeowners with which they’re related.
About Endor AG
Endor AG develops and markets high-quality enter units comparable to high-end steering wheels and pedals for racing simulations on sport consoles and PCs. As a “mind manufacturing unit”, the corporate’s focus is on the inventive sector. Endor carries out product growth and prototype development beneath its personal route and along with specialised know-how companions, primarily in Germany. Endor sells its merchandise beneath the FANATEC model by way of e-commerce primarily to finish clients in Europe, the USA, Canada, Australia, and Japan.
Ahead Trying Statements
Apart from the historic data contained herein, the issues set forth on this press launch are forward-looking statements inside the that means of the “secure harbor” provisions of the Personal Securities Litigation Reform Act of 1995, together with, however not restricted to, whether or not the acquisition will probably be accomplished and Corsair’s funding of Endor AG fixing its debt load and positioning the corporate for development and continued product portfolio growth. Ahead-looking statements are based mostly on our administration’s beliefs, in addition to assumptions made by, and knowledge presently obtainable to them. As a result of such statements are based mostly on expectations as to future monetary and working outcomes and should not statements of truth, precise outcomes might differ materially from these projected. Elements which can trigger precise outcomes to vary materially from present expectations are described beneath the heading “Threat Elements” in our Annual Report on Kind 10-Okay for the yr ended December 31, 2023, filed with the Securities and Change Fee (“SEC”) and our subsequent filings with the SEC. Copies of every submitting could also be obtained from us or the SEC. All forward-looking statements replicate our beliefs and assumptions solely as of the date of this press launch. We undertake no obligation to replace forward-looking statements to replicate future occasions or circumstances.
View supply model on businesswire.com: https://www.businesswire.com/information/residence/20240508372813/en/
Official Webpages – www.fanatec.com
