Turtle Seashore is buying Efficiency Designed Merchandise [PDP] in a $118 million deal that brings collectively two main third-party gaming accent manufactuers.
In a launch asserting the merger, Turtle Seashore mentioned that it expects the acquisition to “present extra scale and create future improvement alternatives.” Turtle Seashore says it expects the deal to drive 2024 internet income within the vary of $370 million to $380 million.
“Buying PDP at a gorgeous valuation a number of relative to the buying and selling multiples of friends implies potential important upside in market worth for the mixed firm,” Turtle Seashore mentioned.
As a part of the deal, Los Angeles-based non-public fairness agency Diversis Capital, presently PDP’s main proprietor, will turn into Turtle Seashore’s largest shareholder at 16 p.c. Turtle Seashore additionally introduced that it’s appointing Cris Keirn, who has served as interim CEO since July 2023, as the corporate’s CEO going ahead.
Turtle Seashore acquires the creators of the Fortnite Competition guitar controller
Turtle Seashore was established again in 1975 and over time has made a reputation for itself in gaming with its headsets, controllers, and different equipment. In our latest record of the most effective PC controllers for gaming, we listed the Turtle Seashore Recon and the Turtle Seashore Stealth Extremely as two of the most effective choices out there in 2024.
As for PDP, it’s set to launch the Riffmaster wi-fi guitar controller later this yr, which shall be suitable with Rock Band 4 and ultimately Fortnite Competition. We have been in a position to go hands-on with the Riffmaster in our first take a look at the brand new controller.
Turtle Seashore’s merger with PDP continues the general development of consolidation inside the video games business, probably the most notable latest instance being Xbox’s blockbuster acquisition of Activision Blizzard.
Kat Bailey is IGN’s Information Director in addition to co-host of Nintendo Voice Chat. Have a tip? Ship her a DM at @the_katbot.