Turtle Beach is purchasing controller and headset manufacturer PDP for $118 million as part of major changes to its business, capital allocation, and leadership.
The news was announced through an official press release overnight. Through the acquisition, Turtle Beach aims to create a “powerhouse in hardware gaming accessories with leadership positions in console Headsets and controllers, amplified by significant financial synergies.”
PDP is most known for its officially licensed affordable controllers for all major platforms, including those of Nintendo, Microsoft, and Sony. Other partners include SEGA and Victrix. The US-based peripheral manufacturer also serves the PC market with a range of controllers. In addition to selling controllers, PDD currently also sells various headsets for consoles and PCs alongside accessories and carry cases.
“I’m honored to work with the amazing team at Turtle Beach, now including our new colleagues from PDP, as we continue to deliver fantastic new products for gamers and value to our shareholders,” said freshly-appointed Turtle Beach CEO Cris Keirn. “Working with our industry partners, and with the combined expertise of our teams, we will drive a transformational change to the company’s scale and execution with innovation and expansion of our leadership positions across gaming accessory categories.”
Terry Jimenez, Chairman of the Board of Directors and Chairman of the Value Enhancement Committee, added: “Acquiring PDP, announcing a modified Dutch auction tender offer, and appointing Cris Keirn as our next CEO are significant outcomes that are a result of a thorough review of our business opportunities ahead. We are pleased to welcome the PDP team to Turtle Beach, and we look forward to benefiting from our improved financial profile, gaming product portfolio and industry-leading team”.
It will be interesting to see how products from Turtle Beach will evolve following the purchase of PDP. Turtle Beach is known for its headsets, controllers, and simulation peripherals in various segments.
