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Hearing aid maker GN Store Nord to buy SteelSeries for US$1.25 billion

By Hoots the Owl - on 7 Oct 2021, 2:42am

Hearing aid maker GN Store Nord to buy SteelSeries for US$1.25 billion

Image Source: SteelSeries

Danish hearing aid and headset maker GN Store Nord will purchase gaming peripherals company SteelSeries in a deal worth a reported US$1.25 billion. GN Store Nord will buy the company from private equity firm Axcel, which bought the firm back in 2019 for US$300 million. 

Since then, SteelSeries has posted revenue in excess of US$310 million in 2020, in addition to a 56 per cent increase in revenue in the first half of 2021. First founded in 2001, SteelSeries is now one of the most well-known brands in the gaming peripherals market, with headsets, keyboards, and mice that have won over fans worldwide.

GN Store Nord will not be the first hearing aid manufacturer to dip its toes into the consumer electronics space. Earlier this year, Sonova bought Sennheiser's consumer division for €200 million.

"We have for some time searched for the right way for GN to enter the very interesting gaming market, being keenly interested in the “high-end” segment. SteelSeries delivers on this aspiration of ours and we see a perfect match in terms of technology and commercial capabilities, premium brand positioning, and growth ambitions. SteelSeries brings a highly relevant and competitive portfolio and strong engineering competencies. Combining our forces will benefit both organisations as we enter a future where demand for our portfolios of products will continue to be strong,” said René Svendsen-Tune, CEO of GN Audio.

SteelSeries has said that it will retain its own identity and brand, while leveraging GN Audio's capabilities to drive continuous growth. The company currently employs around 350 people in Denmark, France, the US, China, and Taiwan.

Source: GN Store Nord A/S

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