Logitech buys Saitek for £9.8 million in cash
September 16, 2016 // 9:23 a.m.
Peripherals specialist Logitech is now the owner of the Saitek brand and associated IP, following a £9.8 million deal with former Saitek parent company Mad Catz Interactive.
The deal, announced late last night, will see Logitech take ownership of the Saitek brand and the company's entire line of controller assets for flight, farm, and space simulation - though not its gaming keyboard or mice ranges, which Mad Catz is free to continue selling under its own branding. 'We’re pleased with this tuck-in acquisition of the Saitek product portfolio,' claimed Ujesh Desai, vice president and general manager of gaming at Logitech, of the deal. '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.'
'After a thorough and deliberate process, we believe this sale to Logitech brings Mad Catz attractive and certain value for the flight, space and farm simulation line of Saitek products,' claimed Karen McGinnis, Mad Catz' president and chief executive. 'We are pleased to find a company like Logitech that will lead Saitek into its next phase of growth and best support its strong acceptance within the flight simulation community while also allowing us to continue to leverage the world-class mice, keyboards and other products that were originally developed on the back of our acquisition of Saitek in 2007 and are now sold under the Mad Catz brand.'
The deal, which saw Logitech pay $11 million in cash plus an additional $2 million in escrow against post-closure adjustments and claims, covers all Saitek branding and trademarks, equipment and tooling, inventory, technical data, records, and all documents required for Logitech to begin designing, manufacturing, marketing, and distributing Saitek products in the farm, flight, and space simulation categories. Eight former Saitek employees will also transfer to Logitech; Mad Catz has not confirmed whether any additional layoffs will follow as a result of the deal.